Ant Group launches IPO in Hong Kong

According to its prospectus, Ant Group's H share will offer over 1.67 billion shares at a price of 80 Hong Kong dollars (about 10.32 U.S. dollars) per share, and is set to raise around 132 billion Hong Kong dollars.

HONG KONG, Oct. 27 -- Ant Group, the parent company of China's leading mobile-payment business Alipay, started its initial public offering (IPO) in Hong Kong on Tuesday and plans to list on the Hong Kong Stock Exchange (HKEX) on Nov. 5.

According to its prospectus, the company's H share will offer over 1.67 billion shares at a price of 80 Hong Kong dollars (about 10.32 U.S. dollars) per share, and is set to raise around 132 billion Hong Kong dollars.

The company will also be listed on the Shanghai Stock Exchange's sci-tech innovation board on the same day, raising up to 132.2 billion yuan.

According to the official website of the Shanghai Stock Exchange, the company's A share price is 68.8 yuan per share, with a total market value of 2.1 trillion yuan.

The "dual listing" in Hong Kong and Shanghai is expected to become the world's biggest IPO.

Last year, Ant Group earned 18.07 billion yuan in profit on 120.6 billion yuan in revenue. (1 U.S. dollar = 7.75 HK dollars, or 6.7 yuan)