Saudi PIF mulls investing in IPO of China’s Ant Group: report

11/09/2020 Argaam

The Public Investment Fund (PIF) is considering a potential investment in the initial public offering (IPO) of Chinese financial technology firm Ant Group, which could be the world's biggest IPO, Reuters reported, citing sources with knowledge of the matter.

 

Ant, the fintech arm of e-commerce giant Alibaba and China's dominant mobile payments firm, filed for a dual listing in Hong Kong and on Shanghai's Nasdaq-style STAR Market last month.

 

The offering size could reach as much as $30 billion depending on market conditions allow, the sources added.

 

That would make it the world's biggest share sale since oil giant Saudi Aramco raised $29.4 billion last December.

 

The Kingdom’s sovereign wealth fund was approached by Ant’s advisors to consider investing in the deal.

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