Jack Ma’s company is set to raise about US$34.5 billion in its dual listing on Shanghai’s Star Market and Hong Kong’s stock market likely on November 5, outpacing the record set by Saudi Aramco’s US$29.4-billion IPO. (South China Morning Post, The Logic)
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Jack Ma’s company is set to raise about US$34.5 billion in its dual listing on Shanghai’s Star Market and Hong Kong’s stock market likely on November 5, outpacing the record set by Saudi Aramco’s US$29.4-billion IPO. (South China Morning Post, The Logic)
Talking point: The IPO values the company at US$313 billion––or US$318.5 billion with an over-allotment option. Sources told the SCMP that banks orchestrating the sale say the company’s near-term valuation will be between US$350 billion and US$450 billion. At the higher end, its value would top that of the world’s biggest bank, JPMorgan Chase, which has a US$316-billion market capitalization. Meanwhile, Ma’s personal wealth is set to soar. His 8.8 per cent stake in the company is worth US$27.4 billion, based on the IPO pricing, and will make him the 11th richest person in the world, with US$71.6 billion. The Hong Kong portion of the listing is already oversubscribed, according to Reuters.
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