Ant, backed by e-commerce group Alibaba, is aiming to raise about US$17.2 billion in Shanghai and roughly the same amount in Hong Kong this week, Ant said in filings to the stock exchanges late yesterday.
The Ant Group's Shanghai stock is priced at 68.8 yuan ($10.26) each, and its Hong Kong stock is priced at 80 Hong Kong dollars apiece ($10.32), according to its recent filings.
Sources told CNBC that the listing could be worth as much as $35 billion, exceeding Saudi Aramco's listing worth $29.4 billion in December 2019, the biggest in the world yet.
Trading is expected to commence two days after the USA election on November 5.
The IPO of Ant Group offers investors a chance to secure a slice of Asia's fast-growing tech sector.
Companies raised $22.5 billion (roughly Rs. 1,65,940 crores) via IPOs and secondary listings on STAR between the start of the year and mid-October, making it the third-biggest stock market behind Nasdaq and Hong Kong, Refinitiv data shows.
Ant Group expected to raise 115 billion yuan. The Shanghai trading date has not yet been disclosed.
Meanwhile, the price for the Hong Kong part of the listing is expected to revealed later in the week ahead of the listing early next month.
Ant Group has in the past drawn criticism for veering into the business of some banks in China and siphoning off millions of customers. The company may raise another $5.17 billion if it exercises the option to sell additional shares to meet demand, known as the greenshoe. This will permit Alibaba to keep up its generally 33% stake in Ant Group.
The moves make it easier for Chinese companies to tap the country's capital markets, just as growing tensions with the USA on trade and technology divert Chinese firms from overseas exchanges. It goes beyond what PayPal and Apple Pay do, offering services for everything from payments to credit to insurance to investments within Alipay, which the company calls a "ubiquitous super app".
Jack Ma, the billionaire founder of Ant and affiliate Alibaba, said it was a "miracle" that such a large listing is taking place outside NY. He added this would not be imaginable five or even three years ago. Alipay has more than 730 million monthly users.