Jack Ma’s Ant set to raise almost USD 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.

The fintech giant will have a market value of $315 billion even before exercising its greenshoe option, based on filings Monday. That’s about the same valuation as JPMorgan Chase & Co. and four times larger than Goldman Sachs Group Inc.

The IPO is attracting interest from some of the world’s biggest money managers, and sparking a frenzy among individual investors in China clamoring for a piece of the sale.