BUSINESS | Saudi Sovereign Fun PIF Weighs Investing In Ant IPO – Sources

Saudi  Arabia’s sovereign fund PIF is weighing a potential investment in the initial public offering of Chinese financial technology firm Ant Group, which could be the world’s biggest IPO, two sources familiar with the matter said.

Ant, Alibaba’s fintech arm and China’s dominant mobile payments firm, field for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR market last month.

The offering size could reach as much as $30 billion if market condition allow, Reuters reported citing three sources.

That would make it the world’s biggest IPO since oil giant Saudi Aramco raised $29.4 billion last December, which surpassed the record set by China’s Alibaba Group Holding Ltd’s.

The Public Investment Fund (PIF) was approached by Ant through its advisors to consider investing in the deal, the sources said.

‘They are looking at it’, said one of the sources.

If the investment goes ahead, it would be the Saudi fund’s most high profile direct investment in a Chinese company.

PIF declined to comment. Ant spokesperson did not immediately respond to Reuters for comment outside Asia business hours.

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