Jack Ma’s Ant set to raise $35 billion in biggest-ever IPO

Jack Ma’s Ant Group Co. is set to raise about $34.5 billion through initial public offerings in Shanghai and Hong Kong, a blockbuster listing that will rank as the biggest IPO ever and make it one of the most valuable finance firms on the planet.

Demand has been so high the company plans to stop taking investor orders for the Hong Kong leg a day earlier than scheduled as the share sale has already been heavily subscribed, according to people familiar with the matter.

The fintech giant will have a market value of about $315 billion based on filings Monday, bigger than JPMorgan Chase & Co. and four times larger than Goldman Sachs Group Inc. The sale vaults Ma’s fortune to $71.6 billion, topping the Walmart Inc. heirs.