- Number of shares offered : 1,670,706,000 H-shares + 1,670,706,000 A-shares (in total representing 11% of the company’s post-IPO shares)
1) IPO details and timeline
2) Overview of business segments
3) Historical revenue & profit growth
4) Future growth potential
5) Valuation (P/E ratio & dividend yield)
6) Valuation versus peers
7) Sizable ETF buy flows post-IPO is supportive to the share price
8) Key risks
Appendix 1: Ant Group’s corporate milestones
Appendix 2: Post-IPO shareholding structure
The InvestQuest’s View
We find Ant Group’s valuation modestly attractive, backed by decent growth potential across its various business verticals. Valuations are in-line with other mega-cap China tech stocks and slightly cheaper than US-listed payment providers. Strong institutional and retail demand should result in a solid post-IPO performance. In addition, potential ETF buy flows on Ant Group’s H-shares is significant and will be supportive to the share price in the weeks following the IPO.
1) IPO details and timeline
Key Details of the IPO
