Mobile payments giant Ant Group moved closer to launching a multi-billion dollar IPO, filing formal documents with the Shanghai Stock Exchange for one segment of its dual-listing, Reuters reported.
The company, which runs China-based payments company Alipay, submitted IPO documents to the exchange’s Science and Technology Innovation Board yesterday (22 September) after being given the green light for its plan last week.
Reuters sources estimate the company could raise $35 billion across its planned listings in Hong Kong and Shanghai, with the moves potentially taking place as early as next month.
Ant Group’s IPO has been speculated for the last two years, with regulatory concerns and matters related to the business itself reported to have delayed the process taking place in 2018.
In July the company, previously known as Ant Financial, began formal preparations for the listing. The move is designed to raise the cash to help it accelerate a goal of digitising the service industry in China and develop in global target markets.
At the time Ant Group executive chairman Eric Jing said taking the company public would “enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators”.
It comes at a time of increased scrutiny of China’s multinational companies across the technology and software sectors.