Jack Ma Sees Fortune Rise by $ 27 Billion Through Ant Group IPO

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The IPO of Ant Group, the financial services provider of the Chinese internet giant Alibaba, yields the founder of both companies, Jack Ma more than 27 billion dollars.

 

This puts him close to the top ten of the wealthiest people in the world, according to the financial news agency Bloomberg and business magazine Forbes.

Jack Ma – who stepped down as chairman of Alibaba in September last year – owns 8.8 percent of Ant’s shares. Based on the IPO pricing, the 56-year-old flamboyant businessman and former English teacher are worth more than $ 27 billion.

According to Bloomberg’s billionaire’s index, the IPO brings Ma’s total assets to $ 71.6 billion, catapulting him from 17th to 11th place.

Forbes estimates the Chinese’s net worth after the IPO at $ 68 billion, placing him 12th on the business magazine’s list of the wealthiest people. Both Bloomberg and Forbes say Ant’s IPO will create 18 new billionaires.

Ant will be listed on the stock exchange in Hong Kong and Shanghai on November 5. The company plans to issue a total of some 3.3 billion shares. That should yield $ 34.5 billion, an immediate worldwide record.

The transaction gives the Ant Group a valuation of approximately $ 280 billion. If the over-allotment option is also activated, the proceeds will reach nearly $ 40 billion and the company’s valuation to roughly $ 320 billion.

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