Jack Ma Says Ant Group's IPO To Be 'The Largest In Human History'

Ant Group’s dual initial public offering listings in Shanghai and Hong Kong will be the world’s largest, Alibaba Group Holding Ltd BABA founder Jack Ma said Saturday, as reported by CNBC. 

What Happened: The IPO was priced Friday night but Ma didn't spell out the numbers, which are due to be announced next week, according to CNBC.

“It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” said Ma at the Bund Summit in Shanghai. 

The Chinese billionaire called the offering a “miracle,” saying, “we didn’t dare to think about it five years ago, or even three years ago.”

Ma also called for banking reforms and called for a new more inclusive universal banking system, to be based on big data, to be set up to aid small businesses and individuals.

Why It Matters: The IPO of the Alibaba-backed company could generate nearly $35 billion in proceeds, which would make it the world's biggest IPO ahead of Saudi Aramco’s $29.4 billion. 

Aramco’s Dec. 2019 offering had beaten Alibaba’s to snatch the biggest IPO crown.

Singapore’s sovereign wealth fund, GIC Private Limited, could reportedly invest over $1 billion in the two listings. Existing Ant investor, Singapore’s Temasek, has also expressed interest in the IPO, according to Reuters. 

Price Action: Alibaba shares closed nearly 1.2% higher at $309.92 on Friday and gained 0.11% in the after-hours session.