Ant Group sets new IPO record with $34 billion share sale

Jack Ma’s Ant Group has just pulled off the biggest stock market listing in history.

The tech company behind China’s largest online payments platform priced its dual listing on the Hong Kong Stock Exchange and Shanghai’s Star Market at 80 Hong Kong dollars ($10.3) and 68 yuan ($10.1) per share respectively, according to regulatory filings released Monday.

That means the IPO will raise over $34.1 billion and value the company at about $310 billion. The previous record for a stock-market listing was held by Saudi state oil company Aramco, which raised $29.4 billion in an offering on the Riyadh exchange last December.

Ant is splitting the IPO evenly between Hong Kong and Shanghai, selling 1.67 billion shares on each exchange. The shares to be issued are equivalent to about 11% of the company.

Ant is the financial technology company affiliated with Chinese e-commerce group Alibaba. Billionaire Ma has ultimate control over Ant.

— This is a developing story and will be updated.