Ant, Jack Ma’s fintech company, is to list on the Shanghai and Hong Kong stock markets in an IPO which could raise $30 billion and give Ant a valuation of $300 billion.

It is expected that Ant will put 10- 15% of its shares up for sale delivering a valuation of  $200 to $300 billion.

Ant is used monthly by 700 million people and 80 million  businesses. in China to process mobile payments, make investments, arrange insurance and pay bills. 

Ant’s 2019 revenues were $17.5 billion.

Alipay, Ant’s mobile payments business, was responsible for 43% of the 2019 revenues.

 Alipay processed $17 trillion worth of transactions last year.

Loan arrangements are Ant’s second largest business contributing 35% of  Ant’s sales last year.

Alibaba, holds a 33% stake in Ant.

Ma has a 50.5% stake in Ant and a 4.8% stake in Alibaba.

Ant says the proceeds of the sake will go: 40% to R&D, 30% to adding customers and 10% to building foreign business.