Beijing (PingWest)—Ant Group, the fintech affiliate of Alibaba, is seeking to lift its funding target to $35 billion through its IPO.

The company's new target is based on an expanded valuation of $250 billion, revised from a previous estimate of $225 billion which could have raised $30 billion, Bloomberg said, citing sources.

Ant Group's parallel listings on the Hong Kong and Shanghai stock exchanges would mark the biggest float on record, beating Saudi Aramco's record-shattering $25.6 billion IPO.

Ant Group is following in the footsteps of parent Alibaba, which opted for dual listing in Hong Kong in November last year, as U.S.–China tensions flared. Jack Ma's Alibaba holds a 33% non-controlling stake in Ant Financial.

According to the Wall Street Journal, the IPO is expected to take place in October.

Ant Group was formed in 2014 to run Alipay, a digital payment service that has seized 55% market share in China and gets bulk of its revenue from financial services, including quick loans, wealth management, and insurance.

In the first half of 2020, Ant Group brought in 72.5 billion yuan ($10.5 billion) in revenue and scored a profit of 21.2 billion yuan ($3.1 billion).