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Ant Group Co. will stop taking requests from institutional buyers for the Hong Kong leg of its record IPO on Wednesday, a day ahead of schedule, after meeting strong investor demand, according to people familiar with the matter.
The fintech giant, which is partially owned by Alibaba Group Holding Ltd., will raise at least $ 34.4 billion through double listings in Shanghai and Hong Kong, selling around $ 17.2 billion in shares in each market.
The deal closes a busy year for China’s equity capital markets and reflects the increasing shift by Chinese companies towards home for primary or secondary listings amid intense tensions with the US.
The part of the Hong Kong deal reserved for large investors, which will be at least 90% of the total, has largely been signed, the people said. The order books closed at 5 p.m. local time in Hong Kong. Investors in Europe and the US could submit orders until 5pm local time.
Haiyan Li-Labbé, a fund manager at France’s Carmignac Gestion SA, which was managing € 34 billion at the end of September, said the company is very eager to be a long-term investor in Ant. “Ant is an interesting opportunity between fintech companies around the world, ”he said.
