London Daily

Focus on the big picture.
Friday, Sep 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
Breeding Tropical Mosquitoes Discovered in East London
Sadiq Khan Agrees to Search of Digital Communications in Palantir Lawsuit
Scottish Protesters Call for Moratorium on AI Data Centre Expansion
Uber Drivers Bring London Class Action Over Algorithmic Management
Reform UK Accepts £4 Million Donation From Cryptocurrency Billionaire Pardoned by Trump
Justice Secretary Tightens Early Release Scheme to Exclude Manslaughter Offenders
Kemi Badenoch Reshuffles Conservative Team as Reform UK Pressure Grows
British Mortgage Rates Rise as Global Bond Sell-Off Pushes Up Borrowing Costs
UK Records Hottest Summer on Record in 2026
UK Government Urges Households to Stock Essential Supplies Ahead of Severe El Niño Risk
UK Prepares Targeted Sanctions Over Israeli Settlements in West Bank
Reform UK Faces Electoral and Police Scrutiny Over Foreign Donation Allegations
UK and France Expand Channel Migration Cooperation as Trade Tensions Surface
UK Marks Merchant Navy Day With Tribute to Civilian Seafarers
Burnham Pays Tribute to Two Police Officers Killed on Duty in Northern England
Booking.com Left Fake Downing Street Listing Online for Two Months, Which Says
Burnham and Macron to Review UK-France Cooperation on Channel Crossings
UK Business Confidence Improves Slightly but Investment Concerns Persist
Burnham Faces Pressure Over Future North Sea Oil and Gas Licences
Burnham Pushes Wider English Devolution Through ‘Number Ten North’
British Chambers of Commerce Raises 2026 UK Growth Forecast to 1%
Keir Starmer Resigns as Holborn and St Pancras MP, Triggering By-Election
UK Chancellor Faces Tighter Budget Headroom as Long-Term Borrowing Costs Rise
UK Government Weighs Thames Water Nationalisation as Financial Crisis Deepens
Prime Minister Andy Burnham Faces First Commons Questions Over Tax and Spending Plans
Eleven British Seafarers Receive Merchant Navy Medal
Which? Creates Fake 10 Downing Street Rental Listing to Expose Booking.com Vetting Weaknesses
BP Appoints New Chairman in Effort to Stabilise Leadership
Aberdeen Sells Hydrogen Bus Fleet at Heavy Loss After Green Transport Experiment
UK Records Hottest Summer on Record as Climate Change Intensifies Extreme Heat
Scotland Pledges to End Temporary Accommodation for Children and Build 111,000 Affordable Homes
DNO Agrees $396 Million Deal to Acquire Capricorn Energy
Uber and Wayve Launch UK’s First Supervised Autonomous Ride-Hailing Service in London
Britain Expected to Avoid New US Tariffs Targeting European Union
Middle East Conflict Pushes UK Energy Costs Higher and Revives Inflation Concerns
UK Growth Forecast Cut to 1% Through 2027 as Youth Unemployment Is Projected to Rise
Andy Burnham Links Weak UK Growth to Brexit in First Full Commons Session as Prime Minister
Keir Starmer Resigns as MP, Triggering Holborn and St Pancras By-Election
UK Business Confidence Improves but Remains Deeply Negative
Aberdeen Hydrogen Bus Sale Recovers Just Six Pence for Every Pound Invested
Which? Exposes Booking.com Verification Failures With Fake 10 Downing Street Listing
British Business Bank Invests Up to £46 Million in Deep-Tech Startup Fund
Scottish Government Puts Violence Against Women at Center of Legislative Program
FCA Eases UK IPO Rules to Strengthen London’s Listing Market
UK Likely to Avoid Next US Tariff Measures as Washington Targets EU
Macron Visits UK for Bayeux Tapestry Exhibition and Border Security Talks
British Chambers of Commerce Cuts UK Growth Outlook to 1% for 2026 and 2027
Keir Starmer Resigns as MP for Holborn and St Pancras, Triggering By-Election
Prime Minister Andy Burnham Unveils Devolution and Cost-of-Living Agenda
UK Borrowing Costs Surge as 30-Year Gilt Yield Reaches 5.88%
×