The Hong Kong book closed early due to strong demand

The Hong Kong book closed early due to strong demand

Guangzhou, China – The Ant Group will close the process of building institutional books in Hong Kong a day earlier than expected due to strong demand for the initial public offering (IPO), a person familiar with the matter told CNBC.

The Chinese financial technology giant is making a double entry into Shanghai and Hong Kong, issuing an equal number of new shares in each location.

Ant Group’s listing will gross just under $ 34.5 billion, making it the largest IPO of all time. Hong Kong’s share will raise about $ 17.24 billion before the so-called total bid option is exercised.

Of the Hong Kong issued shares, 97.5% will be sold to institutional investors.

According to the source, who was not allowed to speak in public, the book building will now close at 5 p.m. Hong Kong time on Wednesday instead of Thursday at 5 p.m. as expected.

A book creation process is a period during which investors declare their interest in an IPO and submit the number of shares and the price at which they want to subscribe. If demand is high, the book may close early.

Ant Group declined to comment when contacted by CNBC.

Ant Group priced its Shanghai-listed shares at 68.8 yuan each and its Hong Kong shares at $ 80 Hong Kong.

The company’s shares in Hong Kong are expected to start trading on November 5 with Shanghai’s share expected at the same time.

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