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Finance

China's Ant Group prices world's biggest IPO to raise $34.5bn

Retail investor mania for blockbuster listing in Hong Kong and Shanghai

HONG KONG -- Ant Group is set to raise about $34.5 billion in the world's largest initial public offering after setting the prices for a dual listing in Hong Kong and Shanghai that will thrust the Chinese fintech into the ranks of the world's most valuable financial institutions.

The company, controlled by billionaire Jack Ma, on Monday said it will sell shares at 68.8 yuan ($10.27) each in Shanghai to raise $17.14 billion, while it will offer shares in Hong Kong at 80 Hong Kong dollars ($10.32) per share to net $17.24 billion, before any overallotment options, according to filings.

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