GUANGZHOU, China – Ant Group has approved the final regulatory hurdle for its large initial public offering fringe (IPO), its share price will be issued next week.
On Wednesday, the China Securities Regulatory Commission gave the green light to Ant Group’s list of Shanghai and Hong Kong. It was then also approved by the Hong Kong Stock Exchange for the sh fashore portion of the list.
The Chinese financial technology giant, which owns 33% of Alibaba and is controlled by founder Jack Ma, has also updated its IPO prospectus with information on stock formation.
It will equally divide its stock issue into Shanghai and Hong Kong, giving 1.67 billion shares each. Which is 11% of its total outstanding shares after the IPO. Depending on the demand, the number of stocks may increase if the so-called overall option is used.
Ant Group will now proceed with a rollshaw for IPO marketing to investors and will price its shares on October 27.
Strategic investors have agreed to subscribe to 80% of the company’s shares issued by Shanghai. Alibaba has agreed to buy 730 million shares through its subsidiary Zhejiang Tmal Technology. This will allow Alibaba to retain about 33% stake in Ant Ant Group.
The Ant Group also released some updated financial figures for the first nine months of 2020. It says the monthly active users of its Ellipse mobile payment app increased from 711 million in June to 731 million in September.
Revenue of 118.19 billion yuan (.7 17.73 billion), up 42% year-on-year.
The list of ant groups may be one of the largest ever. Reuters previously reported that the list could rise to 35 billion. An analyst had earlier told CNBC that Antony’s valuation could exceed 200 200 billion.
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