America based investment bank Goldman Sachs Inc. (GS) becomes the latest entry in the list of investment banks interested in participating in upcoming initial public offering of Chinese financial technology company Ant Group.
Reliable insider sources are valuing the IPO at $30 billion making it the world’s ever largest IPO. Additionally the sources said the company is set to get listed simultaneously both on Hong Kong and Shanghai stock markets.
Goldman Sachs has been mandated to serve as a joint lead manager on the Hong Kong side of the IPO. Leading Chinese e-commerce giant Alibaba Inc. (BABA) is backing Ant in the upcoming IPO which is expected to take place in October.
Last year Alibaba secured a secondary listing in the Hong Kong market and equally Goldman Sachs acted as its joint lead manager in the IPO which fetched $12.9 billion.
This IPO is being valued as world’s most valuable unicorn or billion-dollar unlisted tech company. Further it will become the first ever company to get listed on both Shanghai and Hong Kong markets simultaneously.
Ant’s IPO in the Shanghai listing will be led by CICC and China Securities Co (6066).