Ant Group Co.Ltd. has offered to buy back some shares at a whopping 70% discount to unrealized valuation for its ill-fated IPO shortly after regulators fined the fintech giant nearly $1 billion.
Ant Group announced on Saturday that it had proposed a buyback of up to 7.6% at a price that values the company at around 567 billion yuan ($78 billion). The offering represents a discount of around 40% from the roughly 960 billion yuan raised in Ant Group’s latest financing round in 2018, and around 70% cheaper than the 2.1 trillion yuan raised in the planned 2020 IPO were touted.
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