Oct. 26 (UPI) — Chinese payment company Ant Group, a spinoff of Alibaba, raised more than $34.5 billion Monday in what’s now the largest initial public offering of all-time.
The company said it split its stock introduction between Shanghai and Hong Kong — with Shanghai shares raising $17.2 billion and Hong Kong $17.2 billion.
That amount tops the previous IPO record of more than $25 billion, set by Saudi Aramco a year ago.
Alibaba subsidiary Zhejiang Tmall Technology said it would buy enough shares to maintain a 33% stake in Ant Group.
Ant made a profit of $2.7 billion and $18 billion in revenue last year. Through its services, which include mobile and online payment platform Alipay, the company said it handled $17 trillion in digital payments in mainland China over a 12-month period ending in June.
Alipay says it has about 730 million monthly users. U.S.-based PayPal counts 346 million active accounts.
Since Ant’s spinoff from Alibaba in 2011, China has begun to restrict online and investing practices.