Ant Group’s initial public offering has prompted a scramble among investors to secure a piece of the world’s biggest ever stock sale, helping to push the fundraising total to almost $37bn.
The Chinese payments group’s dual IPO across Shanghai and Hong Kong has generated huge demand among institutional funds eager to participate in one of the global market’s hottest deals, as well as retail traders willing to take on huge amounts of leverage.
The Shanghai side of the book-build was completed on Thursday, with banks triggering a so-called greenshoe option to increase the offering after record retail bids of Rmb19.1tn ($2.8tn) exceeded the share offer by more than 870 times. The expanded deal valued the company at about $316bn.
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