Jack Ma’s Fintech Could Beat Saudi Aramco And Make Biggest IPO Ever – O Jornal Económico


Jack Ma’s Ant Group, founder of Alibaba, expects to raise $ 34.1 billion (€ 28.9 billion) by entering the Hong Kong and Shanghai stock exchanges, this being the largest IPO (initial public offering) ever, ” CNN “advances. When this value is verified, the fintech company can outperform Saudi Aramco for the highest amount raised.

The company behind the largest online payment platform was listed on the Hong Kong Stock Exchange at $ 10.32 (8.73 Euros) and on the Shanghai Stock Exchange at $ 10.13 (8.57 Euros) per share, according to company documents. released this Monday and quoted by “CNN”.

Raising more than $ 34.1 billion, the company’s value rises to $ 310 billion (€ 262.3 billion), with the issuance of 1.67 billion shares per exchange, which represents 11% of the company. The latest record for the highest value raised on the stock exchange is that of the Saudi oil company Saudi Aramco, which raised 29.4 billion dollars (24.88 billion euros) on the Riyadh stock exchange in December last year.

The company is expected to start trading on the Hong Kong Stock Exchange on November 5th, being unknown when it starts in Shanghai.

By settling on Asian exchanges, Jack Ma’s company is expected to attract more companies that want to trade on the stock exchange, rather than migrate to Wall Street, as has been the case in recent years. The decision to stay in Asia will probably also be linked to the trade war between the United States and China.

In the first half of 2020, the company generated revenues of 72.5 billion yuan (9.1 billion euros), after annual sales of 120.6 billion yuan (15.2 billion euros) in the year. last. In the first six months of the year, fintech recorded a profit of 21.1 billion yuan (2.7 billion euros).

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