Saudi Sovereign Fund PIF Weighs Investing in Ant IPO: Reuters

September 11, 2020 3:41 am

Beijing (PingWest)—The Saudi Public Investment Fund (PIF) is weighing a potential investment in the initial public offering of Alibaba's fintech affiliate Ant Group, Reuters reported, citing two sources familiar with the matter said.

Ant Group filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market last month. It would be the first simultaneous listing in Hong Kong and the STAR Market, boosting Hong Kong’s status as an international IPO market and helping enhance STAR as a capital markets center.

According to the sources, if market conditions allow, the offering size could reach as much as $30 billion, which could make it the world's largest IPO.

PIF is one of the Middle East’s largest funds with some $300 billion in assets under management and an aim to increase that to $2 trillion by 2030. Therefore, it is aggressively increasing its investment in overseas markets, especially in Asia.

In June of this year, Indian Internet giant Jio Platforms announced that it would receive $1.5 billion investment from the sovereign wealth fund of Saudi Arabia.