Jack Ma’s Ant fuels tech IPO frenzy not seen since dotcom bubble

Photographer: Anthony Kwan/Bloomberg

Ant Group’s potentially record-sized initial public offering could propel technology capital-raising in 2020 past the dizzying heights of the dotcom bubble, an extraordinary showing in a pandemic-stricken year fraught with geopolitical uncertainty.

Jack Ma’s Chinese financial titan aims to raise at least $30 billion in Hong Kong and Shanghai in October, which could push global first-time share sales by tech firms well past $57 billion, according to data compiled by Bloomberg. That would be the highest since 1999 when tech companies raised $62 billion and famously ushered in a plethora of now-defunct internet outfits.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter