Jack Ma’s Ant Group has raised its IPO target depending upon the improved valuation of around $250 billion, more than the previous estimates of $225 billion, according to Bloomberg sources. After assessing the early investor interests, the Ant Group is seeking to increase the IPO.

Jack Ma’s Ant Group was earlier, expecting to raise a minimum of $30 billion. Ant’s double listing in Shanghai and Hong Kong may embark on the largest IPO ever, as stated by sources.

  • The IPO of Jack Ma’s Ant might top the Saudi Aramco’s record of $29 billion sales. Ant could also exceed the market capitalization of Bank of America. Considering the US banks, only the JP Morgan Chase is valued higher than $300 billion.
  • Ant Financial operates with $173 Billion in a asset management, $290 Billion in lending, $17T of online payments and covers insurance for 107M people.
  • Ant grew out from the payment app named Alipay. By providing quick consumer loans, it is getting the bulk of its revenue. 
  • Alipay has around 711 million active users and generates $17 trillion in the 12 months to June, from the payments. 

After getting a positive response from the regulators in Shanghai on Friday, Ant process the share sale to the public. Considering the IPO plans, the new regulations are being introduced to reduce China’s online finance sector’s risk and Ant is facing problems to comply with all the regulations. 

Regulators have capped the lending rates, restrain small-loan funding sources, and introduces new license requirements on Ant and counterparts. 

Ant has picked Citigroup, China International Capital, JP Morgan, and Morgan Stanley as underwriters in Hong Kong.