INVESTMENT BANKING | Staff Reporter, Hong Kong

Ant Group has picked banks for $10b Hong Kong IPO: report

The company could seek a valuation of at least $200b, according to sources.

Ant Group, the parent of China’s largest mobile payment company, has picked China International Capital, Citigroup, JPMorgan, and Morgan Stanley for its Hong Kong initial public offering, sources told Bloomberg.

The banks are working with billionaire Jack Ma’s Ant on the share sale in Hong Kong, which could raise about $10b, the people said. More advisers could be added to the offering at a later stage, said the people, who asked not to be identified as the information is private.

Ant Group, formerly known as Ant Financial, announced on Monday its plans to list simultaneously in Hong Kong and on China’s new tech bourse in Shanghai. The company could seek a valuation of at least $200b, according to the people.

Here’s more from Bloomberg.

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