Ant Group's IPO will raise $34.4 billion, sees record $3 trillion in retail demand

The initial public offering for Jack Ma's Ant Group will raise some $34.4 billion and value the company at more than $310 billion after retail investors placed bids for a record $3 trillion.

Xiaomeng Lu, a senior technology analyst at Eurasia Group, said that Ant is also poised to benefit from the Chinese government's latest economic development plans, which are being drawn up this week. Lu noted that Ant faces tough competition inside China from rival Tencent, while potential regulatory pressure from countries like the United States could limit opportunities abroad.