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Company News

EXCLUSIVE-Ant Group's Shanghai IPO gets bids in 68-69 yuan/share range, say sources

HONG KONG/SHANGHAI, Oct 24 (Reuters) - Some large Chinese fund managers have submitted bids in the range of 68-69 yuan per share for the Shanghai leg of the financial technology giant Ant Group’s likely $35 billion dual-listing, people with direct knowledge of the matter said.

Many of them have bid for the Ant shares for the domestic listing at the Nasdaq-style STAR Market in Shanghai at close to 69 yuan ($10.32) apiece, one of the sources said.

Under the local market rules, the final price for the initial public offering (IPO), which was decided on Friday but has not been disclosed yet, is based on the guidance from the large investors.

The expected $35 billion listing in Hong Kong and Shanghai of Ant, backed by e-commerce behemoth Alibaba, would be the world’s largest IPO, beating Saudi Aramco’s record $29.4 billion float last December.

The people declined to be named as they were not authorised to speak to the media.

Ant declined to comment. (Reporting by Julie Zhu and Kane Wu in Hong Kong and Samuel Shen in Shanghai; Editing by Sumeet Chatterjee)

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