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Alibaba's Ant Financial Looking For 2017 IPO

Ant Financial Services Group, controls Alibaba’s online payment platform Alipay, is looking to raise $4 billion in a private placement of shares and its looking at a IPO in 2017. Alipay is China’s most widely used online payment platform and it seen as a crucial part to Alibaba Group Holding s Ltd’s business.

Ant Financial is valued at $35-$40 billion. China International Capital Corp. has been selected to be the financial advisor for the IPO. 10% of the firm will be sold to strategic investors in the private placement.

Alibaba’s Executive Chairman Jack Ma and other senior Alibaba executives, controlled Ant Finanical after the company spuff off Alipay in 2011 from the rest of the firm.