Ant Group Plans to Raise the Biggest IPO Money of $34.4 Billion
Ant Group backed by Jack Ma, the founder of e-commerce platform Alibaba and the richest man in China, plans to sell shares valued at $34.4 billion or £26.5 billion on the Shanghai and Hong Kong stock exchanges.
The company’s advisers set the price on Monday as demand among top global investors surged.
Once the company is listed on the two exchanges, Ant Group would have raised the most money in a single IPO and exceeded the previous record of $29.4 billion set by Saudi Aramco in December 2019.
It should be noted that Ant, an online payment, is only selling around 11 percent of its total shares. Therefore, putting the market value of the Financial Technology (fintech) giant at around $313 billion, the exact valuation of JPMorgan Chase & Co. and four times bigger than Goldman Sachs Group Inc.
“This was the first time such a big listing, the largest in human history. We wouldn’t have dared to think about it five years, or even three years ago,” Mr Ma said of the deal.
Mr. Ma, according to findings, owned Ant shares worth around $16 billion, taking his total net worth to about $80 billion once the company is listed.
The preliminary price consultation showed institutional investors through Shangai IPO subscribed for over 76 billion shares or more than 284 times of the initial offline offering, according to the Ant Shanghai announcement.
Ant, the fintech company that runs Alipay, the main online payment system in China, said the volume of payments performed by the company in the financial year ended June 2020 was $17.6 trillion.
Alipay now has 1.3 billion users with Chinese accounting for most of its users while the rest comes from its nine e-wallet partners.
Amazon Generates over $800,000 in Revenue per Minute, a 44% Increase in a Year
Online retail giant Amazon is one of the biggest beneficiaries of the coronavirus pandemic due to the high demand for online shopping. Consequently, the company has registered a staggering amount in revenue per minute.
Data acquired and calculated by Finbold indicates that the eCommerce firm generated $837,350 in revenue per minute for Q1 2021, representing a growth of 44.04% from the $582,200 recorded during the same period in 2020.
Among seven selected top tech companies, Apple (NASDAQ: AAPL) recorded the second-highest revenue per minute at $691,200, a drop of 1.96% from Q1 2020s $708,300. Google’s parent company Alphabet revenue per minute stands at $351,850, a 10.86% growth from last year’s $317,600.
As of Q1 2021, Microsoft revenue per minute was $321,840 an increase of 24.32% from $255,400 recorded during a similar period in 2020. Social media platform Facebook revenue per minute grew by 44.99% from Q1 2020s $20,193 to $136,900 for this year’s first quarter.
Elsewhere, electric vehicle manufacturer Tesla’s (NASDAQ: TSLA) revenue was $80,170 as of Q1 2021, to represent a growth of 71.42% from Q1 2020s $46,200. Lastly, streaming giant Netflix’s Q1 2021 revenue per minute was $55,250 a growth of 33.33% from last year’s $44,500.
Digital shift spurs growth in revenue per minutes
The report explains how the seven selected companies benefited from the coronavirus pandemic to record the high revenue per minute. According to the research report:
“The revenue for the companies shows the gains made during the coronavirus pandemic. The health crisis pushed more activities online and these companies were well-positioned to benefit as they sold services people needed. Big tech firms have earned a reputation of being in the right place at the right time. Notably, the pandemic accelerated digital transformation in education, health care, remote work, and e-commerce, boosting the companies profitability.”
With the tech companies dominating, questions on the market monopoly are still lingering.
Amazon Web Services Quarterly Revenue Jumped by 32% YoY to $13.5B
As one of Amazon’s strongest-growing business segments, Amazon Web Services witnessed a surge in revenue in the last year.
According to data presented by BuyShares, AWS generated cloud computing and hosting revenues of around $13.5bn in the first quarter of 2021, a 32% jump year-on-year.
AWS Annual Revenue Rose by 30% YoY Amid Pandemic
One of the most used ways for companies to utilize cloud computing is to take advantage of the various “as-a-service” options. These services provide business organizations with access to computing power, software, and other cloud-related functions without the need for in-house hardware.
Although cloud computing revenues had been increasing significantly even before the pandemic, the COVID-19 accelerated the growth of the entire sector as companies across the globe started searching for a way to secure business continuity amid the lockdown.
As the market leader, AWS had a tremendous role in that growth. In the first quarter of 2019, AWS quarterly revenue amounted to nearly $7.7bn, revealed the Amazon financial report. Over the next twelve months, this figure jumped by 33% YoY to $10.2bn in Q1 2020. Statistics show that AWS quarterly revenue continued growing throughout 2020 and hit $12.7bn in the last quarter of the year.
This figure increased by another $758 million in the next three months, with quarterly revenue rising to $13.5bn in the first quarter of 2021.
Statistics also show that AWS annual revenue jumped by 30% amid the pandemic, rising from $35bn in 2019 to $45.3bn in 2020.
80% of Business Organizations Use Amazon Web Services in 2021
According to the 2021 Flexera State of the Cloud Report, 50% of technical professionals from industries worldwide stated their organization was running a significant workload on Amazon Web Service. Another 30% said they were using AWS apps to some extent, while 13% were either experimenting or planning to utilize them in 2021.
Microsoft’s Azure ranked as the second most popular cloud platform service, with 76% of respondents running its applications. Google Cloud and Oracle Infrastructure Cloud followed, with 49% and 32% share of respondents, respectively.
Mauritanian Bank for International Trade Launches Digital Bank, Masrvi, Powered by TagPay
The Mauritanian Bank for International Trade (BMCI) has partnered with TagPay to roll out its digital bank Masrvi, aimed at providing digital, value-added financial services to its customers.
Powered by TagPay, Masrvi was launched at the end of April and responds to Mauritanians’ banking needs by providing secure and accessible banking services, across the country through mobile networks, whilst offering convenience. Masrvi enables BMCI to provide its customers with secure, simple, fast, and easy-to-access banking products and services that can be tailored to their needs, all with a convenience that traditional banks cannot match.
Moulay Abbas, President of BMCI says: “By leveraging TagPay’s next-generation Core Banking System and their teams’ project expertise, we were able to launch our digital bank, Masrvi, in record time. Within a month of launching, we have a network of 52 branches and more than 200 partner-businesses that accept Masrvi and the numbers continue to grow. Thanks to the proven robustness, agility, and short time-to-market of this solution, we will be able to rapidly grow our customers. This will help strengthen Masrvi’s product line and enable us to offer a full range of banking and financial products in the very short term.”
Commenting on the successful launch of Masrvi, Yves Eonnet, CEO of TagPay said: “By using TagPay’s next-generation Core Banking System, the Masrvi solution is leveraging an innovative and intuitive technology platform that offers a full range of banking functions. Thanks to its open architecture, flexibility, and scalability, the solution will allow the rollout or update of features the digital bank wishes to market. Certainly, Masrvi will promote financial inclusion and integration in Mauritania.”
Anyone with a cell phone, regardless of their wireless carrier, can download the Masrvi application. This enables them to open a digital bank account and conduct several types of transactions such as withdrawing, depositing, and transferring money, paying bills and retailers, and recharging phone credit.
Billionaire Watch2 weeks ago
Ethereum Co-Founder Becomes The Youngest Crypto Billionaire As ETH Hits $3K
News1 week ago
Eidul-Fitr: FG Declares Wednesday, Thursday Public Holiday
Appointments2 weeks ago
Buhari Suspends Hadiza Bala Usman as MD of NPA, Appoints Koko
Government1 week ago
No Plans To Relocate AFRICOM HQ To Nigeria Or Any Part Of Africa- U.S. Replies Buhari
News3 weeks ago
FG Declares Monday, May 3rd Public Holiday To Celebrate Workers Day
News3 weeks ago
Baba Ijesha Begs to Commit Suicide After Child Molestation
Cryptocurrency4 weeks ago
Electronics Retailer Newegg now Accepts Dogecoin As Payment
Technology1 week ago
SpaceX To Launch DOGE-1 Mission Next Year and Accept Dogecoin As Payment