The IPO of Ant Group, the fintech subsidiary of Alibaba, has begun.
According to CNBC, the IPO could become the largest in the history of the stock markets. Ant Group plans to attract about $34.4B, while the previous record was established by state oil company Saudi Aramco after raising $29B.
Ant Group's shares will start trading on November 5 in Hong Kong, and later in Shanghai. The group plans to raise $17.2B in each exchange at a price of 68.8 yuan and HK$80 per share, respectively (about $10.3 in both cases).
40% of Ant's revenue in the first half of 2020 came from instant and unsecured online loans from third parties.
Ant Group controls Alipay, one of China's largest payment platforms as well as several financial technology services. According to CNBC, Alibaba will acquire 730 million Class A shares of Ant Group, which will allow the company to maintain an approximately 33% stake in the company.
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