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Finance

Ant Group to close IPO to institutions early due to heavy orders

Subscriptions 'pouring in' from investors eager for piece of $34.5bn offering

Ant Group made a name for itself with its Alipay mobile wallet before branching out into a wide range of financial services.     © Reuters
NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent | China

HONG KONG -- Ant Group plans to cease taking investor orders for the Hong Kong portion of the world's largest initial public offering on Wednesday, a day earlier than planned, after subscriptions exceeded the allotted shares within an hour, according to three people familiar with the deal.

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