Singapore’s sovereign wealth fund GIC plans to invest more than $1 billion in Ant Group’s mega initial public offering as early investors look for a bigger slice of the Chinese payments behemoth, according to people familiar with the matter.
GIC and Singaporean state investor Temasek Holdings Pte are considering participating in both the Hong Kong and Shanghai legs of the listing, which could together raise as much as $35 billion, the people said. China’s $318 billion National Council for Social Security Fund plans to purchase shares in the mainland sale, they added, asking not to be named because the matter is private.
