London Daily

Focus on the big picture.
Wednesday, Nov 04, 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
Department for Energy Security and Net Zero Approves Construction of New North Sea Offshore Wind Hub
Northern Ireland Executive Finalizes Public Sector Pay Agreements Following Months of Inter-Agency Negotiations
Welsh First Minister Eluned Morgan Secures Cross-Party Support for Regional Clean Energy Infrastructure Bill
Competition and Markets Authority Launches Formal Investigation Into Dominant Artificial Intelligence Cloud Partnerships
United Kingdom Foreign Secretary David Lammy Concludes High-Level Diplomatic Mission to Washington and Ottawa
Scottish Government Announces Emergency Housing Investment Package to Address Escalating Urban Homelessness
Chancellor Rachel Reeves Finalizes Corporate Tax Adjustments Ahead of Upcoming Business Investment Summit
National Health Service England Unveils Emergency Winter Resilience Plan to Combat Projected A&E Overcrowding
Bank of England Monetary Policy Committee Votes to Hold Base Interest Rate Steady at Four Point Seven5 Per Cent
UK Gross Domestic Product Expands by Zero Point Four Per Cent in Third Quarter Driven by Resilient Services Growth
Northern Ireland Executive Agrees on Multi-Year Public Sector Pay Restructuring Framework at Stormont
Department for Transport Confirms Acceleration of Electric Vehicle Charging Infrastructure Rollout Along Strategic Motorways
Welsh Government Announces Emergency Funding Package to Support Agricultural Sector Facing Severe Weather Impacts
High Court Rules in Favor of Environmental Coalition Over Government Carbon Reduction Plan Deficiencies
Office for National Statistics Reports Stable Retail Sales Growth Supported by Strong Digital Commerce Volumes
Scottish First Minister John Swinney Secures Cross-Party Support for Renewable Energy Export Expansion
National Health Service Digital Reports Major Breakthrough in Reducing Elective Waiting Lists Across England
Chancellor Rachel Reeves Outlines Infrastructure Spending Reforms to Boost Regional Economic Growth Across Northern England
Bank of England Holds Baseline Interest Rate at Five Percent Amid Persistent Core Inflation Pressures
House of Lords Advances Representation of the People Bill to Modernize Electoral Law Ahead of General Election
Financial Markets and Private Equity Assess Tax and Corporate Realignment Following Recent Chancellor Budget Adjustments
Justice Committee Warns Legal Aid Is a Service in Managed Decline Due to Inadequate Government Funding Responses
Royal Navy Intercepts Russian Intelligence Vessel and Warships Across Intensive North Sea Operations
Business and Trade Committee Slams Government Policy on China as Fragmented and Lacking Strategic Direction
Home Secretary Shabana Mahmood Softens Immigration Plans Following Intensive Cabinet Backlash Over Settlement Timelines
Automotive Industry Data Reveals Continued Acceleration in Battery Electric Vehicle Registrations Across British Dealerships
High Court of England and Wales Rules on Landmark Legal Challenge Regarding Local Government Housing Mandates
Department for Energy Security and Net Zero Approves Expanded Offshore Wind Infrastructure Along Scottish Coastline
Competition and Markets Authority Launches Broad Investigation Into Artificial Intelligence Infrastructure and Cloud Partnerships
United Kingdom and European Union Launch High-Level Preparations for Bilateral Defense and Security Summit in Brussels
National Health Service England Unveils Emergency Workforce Reforms to Alleviate Winter Accident and Emergency Pressures
Chancellor Rachel Reeves Finalizes Autumn Budget Adjustments to Meet Fiscal Rules and Fund Public Services
Bank of England Prepares for Interest Rate Decision Amid Rising Bond Yields and Inflationary Pressures
House of Lords Begins Detailed Legislative Scrutiny of Representation of the People Bill and Cyber Security Laws
Metropolitan Police Detain More Than Three Hundred Individuals Following Large-Scale Demonstration Outside London Embassy
Home Office Prepares Stricter Residency Rules Requiring Vulnerable Migrants to Wait Decade for Settlement Rights
Professional Mental Health Bodies Demand Statutory Regulation for Counsellors and Psychotherapists
National Grid Confirms Construction of Britain's Largest Electrical Substation to Power Teesside Data Centre
Prime Minister Keir Starmer Travels to Samoa for Commonwealth Summit Amid Debates on Economic Cooperation and Reparations
Home Office Implements Enhanced Digital Border Controls and Visa Processing Systems at Major Airports
Office for National Statistics Reports Stable Employment Participation Rates Across Regional Labor Markets
Department for Business and Trade Announces Strategic Partnership to Secure Critical Mineral Supply Chains
Scottish Government Unveils Regional Economic Development Strategy to Boost Advanced Manufacturing in Glasgow and Dundee
Treasury Officials Review Taxation Frameworks and Capital Gains Rules Ahead of Autumn Budget Disclosures
National Health Service Leaders Warn of Winter Capacity Pressures Across Acute Care Facilities
Bank of England Prepares for Key Interest Rate Decision Amid Sticky Inflation and Fiscal Policy Pressures
Home Office Expands Border Security Operations and Intelligence Sharing With European Partners
Office for National Statistics Reports Modest Retail Sales Growth Ahead of Crucial Christmas Trading Season
Welsh Government Unveils Strategic Plan to Boost Regional Technology Innovation and Digital Skills Training
Department for Environment Food and Rural Affairs Implements New Agricultural Subsidies Framework for English Farmers
×