Billionaire Jack Ma's Ant Group has filed for an initial public offering (IPO) in Hong Kong and Shanghai. With this public offering, the company aims to boost its dominance in China's online payments business and expand further in financial services space.
The financial technology major is reportedly eyeing a valuation of about $225 billion, based on an IPO of nearly $30 billion. The IPO is expected to top Saudi Aramco's record $29 billion public offering, if markets remain favourable.
The company will issue no less than 10 per cent in fresh shares of its total capital.
The company posted a profit of 21.9 billion Chinese yuan ($3.2 billion) on total revenues of 72.5 billion yuan in the first half of 2020, according to the exchange filing. Revenue surged nearly 38 per cent from the 52.5 billion yuan the company reported in the corresponding period of 2019.
The Chinese firm is 33 per cent owned by Alibaba Group Holding. Ant Group is China's dominant mobile payments company which offers loans, payments, insurance and asset management services via mobile apps.
Ant Group, formerly known as Alipay, is the world's highest-valued FinTech company, and most valuable unicorn. In November 2019, the company announced raising $1 billion for a new fund, with the aim to expand the firm's investment activities in Southeast Asia. In January 2020, Ant Group applied for a digital banking licence in Singapore.