China's financial technology behemoth Ant Group, formerly known as Ant Financial and Alipay, is set to raise nearly USD34 billion listing its shares in Hong Kong and Shanghai stock exchanges. Ant Group, the parent company of popular Alipay mobile payment application has priced its shares at USD10.30 per piece for the initial public offering(IPO), as per its regulatory documents released on Monday by stock exchanges of the two cities.

Based on the pricing, Ant Group would be worth around USD310 billion, which is higher than many major banks like JP Morgan, among others,  and worth more than the gross domestic products of Egypt, Chile or Finland.

the IPO is set to hit the record of Saudi Aramco, the current record holder of the largest IPO at USD29 billion, which has come to public last year. Billionaire Jack Ma's Ant Group's total money raised is expected to jump another USD5.2 billion once bankers sell additional shares to meet demand in what's known as the green-shoe option. The IPO is expected to see strong demand Ant's IPO was expected to attract investors from all over the world and has already overloaded with demand for equity.  Institutional investors have placed orders for 76 billion shares, over 284 times the issue offer, according to Shanghai's data. A Bloomberg report said that Ant is planning to stop taking investor orders for the Hong Kong leg a day earlier than scheduled.

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