By Julie Zhu, Kane Wu and Samuel Shen
HONG KONG/SHANGHAI (Reuters) – Some large Chinese fund managers have submitted bids in the range of 68-69 yuan per share for the Shanghai leg of the financial technology giant Ant Group’s likely $35 billion dual-listing, people with direct knowledge of the matter said.
Many of them have bid for the Ant shares for the domestic listing at the Nasdaq-style STAR Market in Shanghai at close to 69 yuan ($10.32) apiece, one source said.
Under local market rules, the final price for the initial public offering, which was decided on Friday but has not been disclosed yet, is based on the guidance from the large investors.
The expected $35 billion listing in Hong Kong and Shanghai of Ant, backed by e-commerce behemoth Alibaba (N:), would be the world’s largest IPO, beating Saudi Aramco (SE:)’s record $29.4 billion float last December.
The people declined to be named as they were not authorised to speak to the media.
Ant declined to comment.
At 69 yuan per share, Ant can raise up to 115.3 billion yuan ($17.3 billion) in the Shanghai tranche, at a valuation of up to 2.1 trillion yuan, before a 15% greenshoe or over-allotment option is exercised.
Ant plans to sell up to 1.67 billion shares in the Shanghai float which is set to be the biggest IPO in China, eclipsing the record set by Agricultural Bank of China (OTC:)’s (SS:) $10.1 billion Shanghai float in 2010, according to Refinitiv data.
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