Ant Financial Services Group, the financial arm of technology company Alibaba Group, is planning to raise up to $5 billion in its latest series of fundraising, the Wall Street Journal reported on Tuesday, citing sources close to the matter.
The fundraising is likely to be carried out in one or two months, and it could put the company's valuation at $100 billion, said the report. The fundraising also set "an early marker" for its IPO, the Financial Times reported.
The report also quoted anonymous bankers as saying that Ant is looking for a dual listing, with an IPO in either New York or Hong Kong as well as another offering in Shanghai.
In 2017, Ant's profit surged 360 percent to $1.96 billion.
