Ant Group

The firm whose business includes facial recognition for pigs is expecting a USD 2.93 billion IPO.

Ant Group could raise as much as USD 30 billion through the IPO, surpassing Saudi Aramco’s USD 29.4 billion listing to become the world’s largest-ever fundraising.

In the past tech companies such as Oyo, Policybazaar, Ola, Paytm, Quikr, and others have also said they would soon launch their IPO.

China’s Ant Group plans to raise more funds on Shanghai’s Star market than in Hong Kong as part of its up to USD 30 billion dual listing.

While Ant Group holds the majority stake with a 29.7% share, Japanese conglomerate SoftBank has a 19.6% shareholding, followed by SAIF Partners with 18. 56% stake.

This is an estimate by HSBC and isn’t Zomato’s current valuation.

Indian technology companies have been trying to distance themselves from their Chinese backers amidst the ongoing political tension.

Ma is the biggest individual shareholder of Ant Group.