Jack Ma's Ant IPO got 3 trillion bids from individual investors.

Ant Group's IPO got $3 trillion worth of bids from individual investors across its dual listing in Hong Kong and Shanghai.

Ant Group's IPO got $3 trillion worth of bids from individual investors across its dual listing in Hong Kong and Shanghai.The Ant group is an affiliate company of the Chinese Alibaba Group. It runs Alipay, China's leading online payment system, which has eclipsed cash, cheques, and credit cards.

Alibaba is listed in both the U.S. and Hong Kong and had previously broken the record for the biggest stock market debut in 2014.

Ant, backed by Jack Ma, a billionaire and founder of e-commerce platform Alibaba, was set to sell shares worth about $34.4 billion on Nov 5, 2020.

Ant Group Co Ltd attracted at least $3 trillion of individual investors' orders for its dual listing in Hong Kong and Shanghai, enough money to buy JPMorgan Chase & Co 10 times over. Bidding was so intense in Hong Kong that one brokerage platform briefly shut down after becoming overwhelmed by orders.

The Shanghai leg of the IPO drew about 19 trillion yuan ($2.8 trillion) of bids from retail investors or 872 times the number of shares earmarked for them. The Hong Kong tranche got $1.3 trillion ($168 billion) in bids or 389 times the shares on offer.

However, the market was suspended; Chinese authorities have cited major issues as the reason behind the eleventh-hour suspension.