Ant Group's Historic IPO Attracted $3 Trillion in Retail Investor Bids
Ant Group's record-shattering IPO has drawn unprecedented demand from retail investors, according to MarketsInsider.
Ant Group raked in $3 trillion in retail investor orders from its dual listings in Hong Kong and Shanghai. $2.9 trillion in orders came from the Shanghai listing, according to regulatory filings. That amount is 872 times larger than the Shanghai exchange supply of shares.
The Hong Kong listing raked in $168 billion in orders, according to Reuters. That amount is 389 times larger than the Hong Kong exchange's supply of shares.
The fintech company was expected to raise $34.5 billion in its initial public offerings. That amount would shatter that record set by Saudi Aramco last year and make its market cap greater than $300 billion. Last week, Ant Group's IPO was suspended by regulators.
Ant is not in the good graces of US regulators either. The State Department recently added the company to its trade blacklist.