Jack Ma's Ant Group files for IPO, which could reportedly be the biggest ever

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  • Jack Ma's Ant Group filed for an initial public offering in Hong Kong and Shanghai on Tuesday, aiming to speed up its move into the financial services industry.
  • The company is targeting a $225 billion valuation and could raise as much as $30 billion in the deal if demand holds up, people familiar with the matter told Bloomberg.
  • Such an IPO would beat Saudi Aramco's record debut. The oil giant raised $29 billion during its December offering at a historic $1.7 trillion valuation.
  • Visit the Business Insider homepage for more stories.

Billionaire Jack Ma's Ant Group plans to go public, and proceeds from the event could surpass Saudi Aramco's record $29 billion windfall, Bloomberg reported on Tuesday.

The Alibaba affiliate filed for an initial public offering in Hong Kong and Shanghai on Tuesday to fund the growth of its financial services business. Ant aims to issue 10% in new shares of its total capital, according to the filing.

See the rest of the story at Business Insider

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