Ant Group IPO breaks record as the world’s largest IPO with $3 trillion of Investors buy-in

Bids for the shares of Ant Group IPO is now the largest initial public offering (IPO) in global financial history after it broke records in Shanghai and Hong Kong, soaking up more than US$3 trillion from retail investors.

A record 19.05 trillion yuan (US$2.85 trillion) of bids were received from retail investors for Ant’s shares on Shanghai’s Star Market, exceeding the supply of shares by 870 times.

In Hong Kong, about 1.55 million retail investors believed and poured in US$167.7 billion for the shares as at noon on Friday.

“The offering is so hot that more than 1 million retail investors have sent their subscriptions,” said Louis Tse Ming-kwong, managing director of Hong Kong-based brokerage Wealthy Securities. “It is a historic moment for Hong Kong’s securities market.”

Retail investors submitted a record 19.05 trillion yuan (US$2.85 trillion) in subscription money for Ant’s share offering on the Star Market, a board of technology stocks in Shanghai.

It amounted to 872 times oversubscription, the firm said in a Shanghai exchange filing late on Thursday.

Ant Group offered 1.67 billion shares each in Hong Kong and Shanghai to raise about US$34.5 billion, making it the world’s biggest IPO.

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