Ant Group Breaks Record for IPO Retail Demand with $3 Trillion in Bids from Shanghai

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Fintech giant Ant Group has seen a record-breaking level of interest from Chinese retail investors for its upcoming two-bourse IPO in Hong Kong and Shanghai.

Ant Group’s listing in Shanghai has drawn 19.05 trillion yuan (approx. USD$2.8 trillion) in bids from retail investors, according to a filing made with the Shanghai Stock Exchange (SSE) on 29 October.

The bidding amount marks a new record for China’s A-share market, and is 872 times the number of earmarked shares that are priced at 68.8 yuan each.

Sources also said to Reuters that the Hong Kong leg of the Ant group IPO has received HKD1.3 trillion (approx. USD$168 billion) in bids, around 389 times the shares on offer.

The dual listing of Ant Group is expected to raise around $34.4 billion, while the latest pricing puts the value of the fintech giant at around 2.1 trillion yuan (approx. USD$313.2 billion).

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