London Daily

Focus on the big picture.
Tuesday, Jul 14, 2026

Jack Ma’s Ant Fuels Tech IPO Frenzy Not Seen Since Dotcom Bubble

Jack Ma’s Ant Fuels Tech IPO Frenzy Not Seen Since Dotcom Bubble

Ant Group’s potentially record-sized initial public offering could propel technology capital-raising in 2020 past the dizzying heights of the dotcom bubble, an extraordinary showing in a pandemic-stricken year fraught with geopolitical uncertainty.

Jack Ma’s Chinese financial titan aims to raise at least $30 billion in Hong Kong and Shanghai in October, which could push global first-time share sales by tech firms well past $57 billion, according to data compiled by Bloomberg.

That would be the highest since 1999, when tech companies raised $62 billion and famously ushered in a plethora of now-defunct internet outfits.

After an initial pandemic-induced lull, corporate share sales have come back with a vengeance, luring many of the same investors who pushed Apple Inc.’s market cap past the $2 trillion mark and ignited a broad rally in internet companies worldwide.

Ant joins a stampede of companies that began trying to sell shares in recent weeks, from food delivery behemoth DoorDash Inc. to Airbnb Inc. July’s almost $19 billion in new listings was the busiest month for U.S. IPOs since September 2014, when 36 companies including Ant-affiliate Alibaba Group Holding Ltd. went public while raising $36 billion.

“The multiple environment for technology companies is at the highest since the dotcom bubble,” said Lauren Cummings, co-head of technology equity capital markets for the Americas at Morgan Stanley. “2020 is the year a lot of companies are going public but there are still many high quality companies, probably multiple times of what we have this year, that are quality companies, that are scaled, that can go public next year.”

Feeding Frenzy

Global technology debuts in 2020 could surpass dotcom-bubble heights


Investors have questioned whether a 2020 run-up that’s lifted marquee names from Apple and Facebook Inc. to Tencent Holdings Ltd. is fueling a bubble akin to that of two decades ago, which brought down much of the fledgling internet economy when it popped.

Beyond the fundamentals however, there are several unique aspects to this year’s tech mania.

One is sheer size. Ant’s giant offering may skew comparisons with 1999, particularly if it surpasses Saudi Aramco’s $29 billion IPO last year as the largest in history.

The past year has featured an unusual number of first-time share sales on Hong Kong or mainland bourses by Chinese companies already listed abroad, fearing a backlash from an increasingly belligerent Trump administration.

They include Alibaba, JD.com Inc. and top chipmaker Semiconductor Manufacturing International Corp.

The rise of the hyper-local ChiNext and Star markets in China has also inflated 2020’s pipeline. Punters on the mainland have gobbled up loss-making debutantes like never before -- triggering first-day rallies of more than 2,000% in some cases -- in part because they believe Beijing will offer financial and other forms of aid for a Chinese tech sector perceived as essential given the Trump administration’s restrictions on trade.

Finally, the unknown extent of the global economic downturn caused by the pandemic has led some companies to rethink their capital needs or speed up plans.

Airbnb, which was previously seen as a candidate for a direct listing, said this month it filed for a traditional initial public offering. Last week, on Monday alone, four biomedical companies, four blank-check companies and five software companies, including Unity Software Inc., filed to go public.

“The year has been really busy for equity capital markets deals so far despite all the headline news,” said Tucker Highfield, co-head of equity capital markets for Asia Pacific at Bank of America Corp.. “We expect to see strong IPO markets to the end of year as investors continue to look for higher returns.”

Newsletter

Related Articles

0:00
0:00
Close
UK Prime Minister Keir Starmer Offers Condolences Following Death of Qatar’s Father Amir
UK Regional Innovation Policy Focuses on Research Clusters Across Scotland, Wales, and Northern England
UK Corporate Transparency Rules Set to Become More Strict Under Modern Slavery Reform Plans
UK Civil Service Estate Strategy Shifts Government Activity Away From London
UK Strengthens National Security Powers Through New Threat Designations
Greater Manchester Police Conduct Drink and Drug Driving Operations After Football Events
UK Government Advances Darlington Economic Campus With Construction Milestone
UK Authorities Increase Football-Related Security Operations After Tournament Fixtures
UK Invests Fifty-One Million Pounds in National Cryogenics Facility and Regional Innovation Hubs
UK Moves Toward Tougher Modern Slavery Reporting Rules With Corporate Penalties
UK Government Reports Forty-Three Million Pounds in Savings From Office Estate Reform
UK Government Expands Civil Service Regional Strategy With Manchester and Darlington Campus Projects
UK Designates Iran’s Islamic Revolutionary Guard Corps as National Security Threat
United Kingdom Financial Markets Monitor Business Response to Economic Policy Changes
Scottish Renewable Energy Expansion Highlights Need for Faster Grid Development
Wales and Regions Strengthen Focus on Economic Development Through Tourism and Investment
Retail Industry Warns High Street Businesses Remain Under Pressure
Police Chiefs Highlight Growing Challenges Managing Protests and Public Order
Agriculture Leaders Seek Clarity on Post-Brexit Farming Support and Environmental Rules
Transport Unions Warn of Further Industrial Action Over Pay and Working Conditions
Welsh Tourism Sector Reports Strong Growth Driven by Domestic and International Visitors
National Infrastructure Review Gains Support as Leaders Seek Faster Project Delivery
Financial Markets Assess Impact of United Kingdom Corporate Tax Policy Changes
Northern Ireland Assembly Debates Cross-Border Trade and Infrastructure Cooperation Plans
Government Opens Consultations on Housing Reform and Planning System Changes
Scottish Government Faces Pressure to Accelerate Offshore Wind and Grid Expansion
National Energy System Operator Warns Grid Investment Is Needed for Future Electricity Demand Growth
United Kingdom Research Council Invests in Artificial Intelligence and Biotechnology Innovation Hubs
United Kingdom Expands Oversight of Skilled Worker Visa Sponsors Amid Migration Debate
Cross-Party MPs Call for National Infrastructure Strategy Review to Accelerate Economic Growth
Prime Minister Announces One Billion Pound NHS Funding Package Ahead of Winter Pressures
Bank of England Signals Cautious Approach to Interest Rates as Inflation Remains Above Forecasts
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Netflix Weighs Always-On Channels, Bundles and Short-Form Video
Passenger Is Pulled Partly Outside Ryanair Jet After Window Fails Mid-Flight
Innovation-led growth strategy
Public service reform pressure
Defence and industrial security
Labour leadership transition and economic reset
Northern England Pushes for Greater Influence in Britain’s Future Economic Model
UK Technology Strategy Focuses on Life Sciences, Digital Innovation and Research Investment
Britain and United States Maintain Focus on Pharmaceuticals Cooperation and Industrial Growth
UK Public Services Face Continued Pressure as Government Promises Visible Improvements
Regional Economic Power Becomes Key Theme in Britain’s Next Political Phase
Britain Expands Support for Small Businesses as Firms Seek Better Access to Finance
UK Economy Remains Central Political Challenge as Cost of Living and Growth Concerns Persist
National Health Service Introduces New Workplace Reviews to Improve Conditions for Healthcare Staff
UK Life Sciences Sector Secures More Than Three Billion Pounds in Investment to Support Innovation
Britain Strengthens Defence Strategy as Security Concerns Reshape Military and Industrial Policy
Andy Burnham Promises Stronger UK Defence Industry and Expanded Domestic Production
×