Ant but ELEPHANT

    Jack Ma's Ant Group will raise about $34.5 billion in its initial public offerings in Shanghai and Hong Kong. Ant Group's sizzling IPO will be the largest ever, and the company will be one of the world's largest financial firms.

Ant Group's IPO is attracting interest from some of the world's largest asset managers, and Chinese investors are also rushing to subscribe for new shares. According to Ant Group's A-share offering announcement, institutional investors subscribed for more than 76 billion shares in its initial inquiry for its Shanghai IPO, which is more than 284 times of the offline placement.

    Such high demand puts Ant's much-anticipated IPO on track to surpass Saudi Aramco's $29 billion IPO last year. Ant Group's Shanghai IPO was priced at 68.8 yuan ($10.27) per share, and its Hong Kong IPO was priced at HK$80 ($10.32) per share. If Ant Group exercises the over-allotment option, it may raise an additional $5.17 billion.

Ant Group is interpreting the myth of becoming an elephant.