⁍ Jack Ma’s payments-to-wealth management colossus is set to raise $34 billion in the world’s largest initial public offering ever.

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⁍ Shares in the dual-listing will be offered at HK$80 and 68.80 yuan in Hong Kong and Shanghai, respectively.

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⁍ That represents roughly 24 times the forecast 2022 adjusted earnings pitched to investors.

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– Jack Ma’s Ant Financial raised $34 billion in the world’s biggest initial public offering ever with the help of a very lucky number eight, reports Reuters. The company, which operates China’s third-largest Alipay payment app, plans to sell shares in Hong Kong and Shanghai, with the proceeds going to the company’s shareholders, including the Alibaba founder, reports the Wall Street Journal. The deal values Ant at $312 billion, more than Amazon and Facebook put together, reports the New York Times. The company plans to use the money to expand into other areas, including online credit, insurance, and wealth management.