More Than 19 Trillion Capital War Ant Group Online Application, Top Grid Application May Not Be Able To Win A Bid

The result of the largest IPO winning rate in the world was announced.

On October 29, ant group (688688) announced that the company has started the mechanism of over allotment and call back in the issuance of a shares. The joint lead underwriters have over allocated 251 million shares to online investors at the IPO price, accounting for 15.00% of the initial number of a shares. After the call back mechanism was started, the winning rate of ant group online publishing was 0.12670497%.

It is worth mentioning that the number of effective applicants for ant group's A-share IPO online was about 5.16 million, a new high on the science and technology innovation board, and the total amount of subscription of 19.05 trillion also broke the historical record of A-share.

The war of offline rationing is fierce

"Ant's winning bid rate is a little higher than expected. Before, the company's strategic placement of stocks accounted for 80% of the issuance, which set a historical record on the science and technology innovation board, and the online and offline issuance were greatly squeezed." a private placement agency in Shanghai admitted that ant group's A-share IPO competition was fierce, "a total of 22 billion new market value was given, and everyone wanted to collect wool.".

On October 26, the Shanghai Stock Exchange announced that the initial IPO inquiry of ant group was completed, and the final IPO price of ant group was determined to be 68.8 yuan per share, with a total market value of 2.1 trillion yuan, which was 20% - 30% lower than the estimated value of 2.5-3 trillion yuan predicted by many investment banks. The issue price of Hong Kong shares was also announced on the same day, at HK $80, which was basically the same as that of a shares after excluding the impact of exchange rate.

According to the issuance plan, ant will issue no more than 1.67 billion new shares in A-shares, including 1.34 billion shares of initial strategic allotment shares and 334 million shares of new stocks for institutional and individual investors (before the green shoe mechanism). According to the issue price per share, the total scale of the A-share fundraising of green shoe front is 115 billion yuan, of which the scale of "innovation" for A-share institutions and individual investors exceeds 22 billion yuan.

According to the published data, the initial number of A-share IPO of ant group was 267 million shares, accounting for less than 20% of the initial strategic placement shares before the launch of online and offline call back mechanism.

The competition of off-line subscription is fierce, which can also be seen from the number of offline inquiry of A-share of ant group. According to the data, ant's preliminary inquiry plans to purchase more than 76 billion shares, with an overall offline subscription multiple of 284 times, and more than 7000 people participated in the offline quotation of ant group.

"The off-line placement of science and technology innovation board has higher requirements on private placement, and needs to manage more than 1 billion yuan for two consecutive quarters. Non scale institutions will generally choose to subscribe for public funds to participate in the off-line placement of ant group Private placement personage inside course of study discloses.

According to the list of placement under ant.com, both Qianhe capital under Wang Yawei and dongfanggang investment under Dan bin in Shenzhen were sold out. The pricing of big international investment banks such as Goldman Sachs, JPMorgan Chase and Morgan Stanley also appeared "inaccurate". The most notable is Wells Fargo, which has 89 placers out of the market and offers only one cent more than the effective offer.

However, according to the data released by ant group, after the A-share over allotment option and the online and offline call back mechanism were launched, the company's final offline issuance number was 234 million shares, accounting for 12.17% of the total number of A-shares issued this time; the final online issuance number was 351 million shares, accounting for 18.26% of the total number of a shares issued this time.

In contrast, the initial number of ant group online issuance was only 66.82 million shares, and the final number of online issuance exceeded that of offline issuance.

"This is a victory for strategic distributors as well as for small and medium-sized enterprises. In the end, only small and medium-sized institutions have been squeezed out." The above-mentioned private equity institutions in Shanghai said with a smile.

Top grid application can not guarantee a winning bid

Compared with offline issuance, the investors who participate in online innovation show a little Buddhism.

According to public information, the upper limit of online top grid subscription of ant group A shares is 317000 shares, and the corresponding market value of Shanghai stock market is 3.17 million yuan. Guoxin Securities has previously said that among the new shares on the science and technology innovation board, the highest winning bid rate is China general information, up to 0.23%, and the upper limit of subscription is 252000 shares; SMIC international ranks second with 0.21% and the upper limit of subscription is 421000 shares. Therefore, Guoxin Securities expects ant group's winning rate to be about 0.2%, but the actual winning rate is only 0.12670497%.

In the end, if the number of ants in the group is up to 634, it is not sure that the group will be able to apply for a new number.

Some senior investors in Beijing told the 21st century economic reporter that they had applied for the top grid of ant group. "It's just a bit of fun. If you win a lot, it's OK."

"When you meet ants, a giant listed company, if you are qualified, everyone will try something new and definitely want to participate," said the head of a securities firm's business department in Beijing.

Even so, according to the data released by the Shanghai Stock Exchange, the number of effective subscribers for ant group's online offering was 5.155 million, and the effective number of Shares applied for was 276.9 billion shares. Previously, ant announced that the issue price of a shares was 68.8 yuan per share. Based on this, it can be estimated that the subscription amount of ants exceeded 19.05 trillion yuan, setting a new record for a shares.

According to the reporter of the 21st century economic report, in addition to individual investors, many institutional investors have also "mixed up" with the online campaign to fight for new ones.

"A while ago, the regulatory authorities warned against Collusion in bidding, so some private placement or small public offerings that lost quotation resources will transfer the opportunity to online Bo. After all, if the top grid on the Internet is new, it will probably hit tens of thousands of people. " The above industry private placement personage said.

In addition, there are also "big players" in the market who choose to participate in the listing of ant group in Hong Kong stock market.

"There is no need to place new stocks at market value in Hong Kong, but it can also increase leverage. It is more flexible, and the probability of winning the bid is higher," said a Beijing based "big investor", who, together with several friends, has subscribed for 2 million new shares of ant group in the Hong Kong market. As for the trend of ant group after its listing, the "big" is also relatively optimistic. "Although the increase in the volume of ants will not be particularly large, according to the net profit, there may be 38 times of PE next year. The current market sentiment can impact 60 times of PE.".

Prior to that, according to market statistics, the arithmetic average growth rate of the first day of the listed stocks on the scientific and technological innovation board was 161%, and the median was 123%. If the first day's increase is 161%, the floating profit will be 55400 yuan; if the first day's increase is 123%, the second lot will earn 42300 yuan.

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