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Payment giant Jack Mas is priced at around NOK 2.9 billion before they go public.
Jack Ma is the founder of the e-commerce giant Alibaba. It is also central to Ant Group, the owner of Alipay which will now be listed on the stock exchange.
Thibault Camus / AP
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Alipay is the world’s largest digital payment platform, owned by Ant Group, which will now be listed on the stock exchange.
The latter filed documents on Monday regarding the double listing in Shanghai and Hong Kong.
He claims that the company is valued at around 2.9 billion NOK.
By comparison, Equinor is worth NOK 414 billion.
The company will raise 34.5 billion dollars, equivalent to 319.5 billion crowns, in fresh money, relative to the listing.
It is this sale of shares that makes them top the list of the largest IPOs in history.
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The largest listing record so far is held by the Saudi oil giant Saudi Aramco, which raised $ 29.4 billion, equivalent to 272 billion kronor, compared to the listing in December last year.
At a conference in Shanghai on Saturday, Alibaba founder and Ant Group leader Jack Ma confirmed that the listing will overtake the Saudi oil giant.
“This is the first time that the price of such a large IPO, the largest IPO in human history, has been decided outside of New York City,” Ma said. Reuters.
issue
The giant list has encountered some obstacles along the way. The United States has considered blacklisting Grupo Ant, according to Reuters.
Apparently the move was crafted by someone in the Trump administration who wants a hard line against China. According to the news agency, they wanted to mark a position to dissuade US investors from participating in the Ant Group listing.
US President Donald Trump has opted for a strict approach to China as a major foreign policy platform. Republican Trump is trailing Democratic presidential candidate Joe Biden in the polls, ahead of the Nov.3 election.
1 billion users
Ant Group, which spun off from Alibaba in 2011, is behind the Alipay payment platform, among other things. The platform has more than 1 billion active users, most of them in China.
Before listing, Alibaba owns a third of Ant Group’s shares.
In addition to the Alipay payment service, Ant Group also has businesses in consumer loans, fund management, insurance and credit rating.
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