Jack Ma’sAnt Group Co. is planning to stop taking investor orders for the Hong Kong leg of its initial public offering a day earlier than scheduled as the share sale has already been heavily subscribed, according to people familiar with the matter.
The Hangzhou-based fintech giant is set to close the institutional investor order book on Wednesday, said the people, requesting not to be named because the matter is private. The company was initially planning to close the book at 5 p.m. Thursday for each region, according to terms of the deal obtained by Bloomberg News. The potential move would bring the book close in line with the Shanghai leg of its IPO, which is wrapping up on Wednesday.
Ant’s Hong Kong IPO is already multiple times oversubscribed, one of the people said. A representative for Ant declined to comment.
Ant is seeking to raiseabout $34.5 billion through initial public offerings in Shanghai and Hong Kong, a blockbuster listing that will rank as the biggest IPO ever and make it one of the most valuable finance firms on the planet. The fintech giant will have a market value of about $315 billion based on filings Monday, about the same valuation asJPMorgan Chase & Co. and four times larger thanGoldman Sachs Group Inc. The sale vaults Ma’s fortune above theWalmart Inc. heirs.
The IPO is attracting interest from some of the world’s biggest money managers, and sparking a frenzy among individual investors in China clamoring for a piece of the sale. In the preliminary price consultation of its Shanghai IPO, institutional investors subscribed for over 76 billion shares, more than 284 times the initial offline offering tranche, according to Ant’s Shanghai offering announcement.
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