Antgroup, the fintech subsidiary of Ma’s e-commerce company, applied this week to list its shares in Hong Kong and the Shanghai Star Market, the Chinese technology market similar to Nasdaq.
And according to some reports, the company is seeking to raise $ 30 billion, according to the Financial Times and Reuters, citing people close to the operation or with knowledge of the subject.
Ant Group did not disclose how much it was hoping to raise, and a company spokesman declined to comment on the matter.
However, according to analysts at Bernstein, the brokerage firm could be worth more than $ 200 billion. If it raises $ 30 billion, its offering would be the largest initial public offering in history.
Alibaba, which holds a 33% stake in Ant, had raised a record $ 25 billion when it was first offered on Wall Street in 2014, with Aramco coming next in 2019, and surpassing the record with an initial public offering. It raised $ 29.4 billion.
The documents Antgroup submitted to the Hong Kong Stock Exchange on Tuesday did not mention the price range of the new shares nor the expected date of the IPO. But it provided a behind the scenes look at one of the world’s most valuable technology companies.
The company recorded revenues of 72.5 billion yuan, or $ 10.5 billion, for the six months ending in June, an increase of 38% over the same period of the previous year. Profit for this period was 21.9 billion yuan, or 3.2 billion dollars.
Antgroup owns “Alipay”, one of the most popular payment applications in China, and provides online financial services such as loans, investments and credit scoring systems.
According to the group, Alipay has 711 million monthly active users and generated $ 17 trillion worth of transactions in the 12 months ending in June.