Lim Chow Kiat, President, GIC Asset Management. Photo credit: Richter Frank-Jurgen on Flickr, licensed under Creative Commons

GIC, a sovereign wealth fund of the Government of Singapore, plans to invest more than $1 billion in the initial public offering of Ant Group, the fintech giant and affiliate of Chinese tech giant Alibaba that’s on the cusp of a dual public listing in China and Hong Kong that’s expected to raise over $30 billion for the company. GIC along with Temasek, another holding company owned by the Government of Singapore, are considering participating in both the Hong Kong and Chinese legs of Ant’s public listing which could together raise up to $35 billion, according to a report [paywall] from Bloomberg. Already, both firms are already shareholders in Ant Group, having participated in previous private funding rounds for the company.

Ant Group, currently the world’s most valuable private fintech, is poised to hold what’ll be the largest initial public offering in history, surpassing a record currently held by state-owned oil company Saudi Aramco, which raised $25.6 billion in its public offering last year. Before Aramco, the record was held by Alibaba, the Chinese e-commerce giant which Ant actually spun out of, having raised $25 billion from its public debut in the US in 2014. Ant Group is said to be targeting a valuation of up to $250 billion in its public listing, surpassing its most recent private valuation of $150 billion. As a private company, Ant has raised a whopping $22 billion in funding from a group of investors.

Ant Group is poised to hold its IPO as early as this month on the Hong Kong stock exchange and China’s tech-focused STAR market. 

Share this...

Facebook

Pinterest

Twitter

Linkedin

Whatsapp

Email

Print