Ant Group prices Shanghai leg of IPO at record 68.80 yuan a share

China's AntGroup has set the price of its A-shares at 68.80 yuan ($10.27) per share, according to an exchange filing.

Ant Group plans to sell 1.67 billion shares in the Shanghai float, which is set to be the biggest initial public offering (IPO) in China, and will raise 115 billion yuan, or $17.23 billion, according to the exchange rate listed in the official filings.

The price for the Hong Kong tranche is at HK$80 ($10.32) per share.

Jack Ma, founder of Alibaba to which Ant Group is affiliated, said on Saturday that the price is likely to be the "world's largest," and it's the first time the pricing of a big tech company has been decided outside of New York.

Ant's valuation based on the pricing will be $313.4 billion, larger than some of the biggest banks in the U.S., including Goldman Sachs and Wells Fargo, according to CNBC.

It is expected to start trading in Hong Kong on November 5, according to the filing.

The Chinese fintech company on October 22 received the final nod from the country's top securities watchdog for its $35 billion dual-listing.

The Hong Kong leg of the IPO is being sponsored by China International Capital Corp (CICC), Citigroup Inc., JPMorgan Chase Co. and Morgan Stanley.

Ant's listing on Shanghai's Nasdaq-style STAR Market is being led by CICC and China Securities Co.

(CGTN)