London Daily

Focus on the big picture.
Friday, Sep 18, 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 Parliament Advances Sovereign Grant Reform Setting Royal Funding at £99.9 Million
King Charles Urges Human-Centred Approach to Artificial Intelligence at Scotland Summit
House of Lords Begins Scrutiny of Voting-Age and Political Finance Reforms
UK Labour Market Shows Growing Divide Between Younger and Older Workers
Nearly Seven in 10 UK Small Businesses Delay or Cancel Growth Plans as Costs Rise
Andy Burnham Reaffirms UK Net-Zero Target Amid North Sea Energy Debate
UK Parliament Demands Credible Financial and Decarbonisation Plan for British Steel
MPs Urge Government to Reject Thames Water Rescue Deal and Prepare Special Administration
Bank of England Holds Rate at 3.75% as Energy Shock Raises Inflation Risks
TUC Calls for Social Energy Tariff Funded by Higher Taxes on Bank Profits
UK Parliament Enters Conference Recess After Advancing Sovereign Grant Legislation
King Charles Hosts Artificial Intelligence Leaders at Dumfries House Summit
Nearly Seven in Ten UK Small Businesses Delay or Cancel Growth Plans as Costs Rise
Anthropic Details Malicious Use of Claude in Cyber, Weapons and Influence Operations
McLaren Announces £500 Million UK Investment and 1,000 New Jobs
Scotland and Wales Sign Cardiff Agreement to Deepen Cooperation on Shared Policy Priorities
UK Government Moves to Fully Fund Teacher Pay Award as Strike Threat Recedes
UK Competition Regulator Deepens Scrutiny of Microsoft’s Business Software and AI Market Position
NHS England Reforms Focus on Cutting Waiting Lists and Improving Digital Care
England Maintains Mandatory Housing Targets in Push for 1.5 Million New Homes
UK Government Plans Statutory Industrial Strategy Council to Strengthen Long-Term Economic Policy
Asthma Charity Warns of Major Gaps in Childhood Diagnostic Testing Across England
TUC Chief Paul Nowak Appointed to Bank of England Court
Bristol Opens £35 Million Deep-Tech Innovation Hub at Temple Quarter
Oxfordshire Village Votes Symbolically to Leave UK Over Asylum Housing Plan
Andy Burnham Deepens UK Defense and AI Cooperation With NATO and Canada
UK Government Announces Neonatal Safety Reforms After Thirlwall Inquiry
Bank of England Weighs Rate Decision as UK Inflation Rises to 3.1%
UK Health Unions Warn of Staffing Pressures as Public and Private Pay Growth Diverges
Rockstar Games Faces Tribunal Claims From 23 Former Grand Theft Auto VI Developers
UK Treasury Faces Tighter Budget Constraints as Borrowing Costs and Pension Spending Rise
Prime Minister Andy Burnham Sets Out Ten-Year Plan for Greater Public Oversight of Utilities
UK Economy Grows 0.4% in July as Services and Technology Activity Strengthen
Scotland, Wales and Northern Ireland Leaders Coordinate Push for UK Constitutional Change
Police Tighten Public-Order Measures After Anti-Immigration Protests in Dover and Portsmouth
UK Ministers Pressed for Answers After US Diplomat Accused of Child Abuse Images Leaves Britain
Jaguar Land Rover Pursues NATO Defense Contracts for Defender Vehicles
British Service Member Dies in Road Accident While Deployed in Ukraine
George Osborne Calls for Britain to Rejoin EU Customs Union
Anthropic Chief Dario Amodei Urges Faster UK Action on Advanced AI Risks
UK State Pension Set for 3.9% Rise Under Triple Lock
UK Labour Market Cools as Payrolled Employment Continues to Decline
Reform UK’s £72 Million in Donations Faces Scrutiny Under Proposed Retrospective Funding Rules
UK Doctors Warn Expanded Pharmacy First Scheme Could Put Patients at Risk
British Airlines Cut Short-Haul Capacity as Jet Fuel Costs Rise
UK News Publishers Forecast 40% Search Traffic Drop as AI Overviews Expand
Axel Springer Wins Approval for £575 Million Daily Telegraph Acquisition
London Mayor Sadiq Khan Opposes Heathrow Third Runway Over Climate Targets
Scotland, Wales and Northern Ireland Leaders Hold Summit Seeking Greater Autonomy
UK Energy Price Cap Set to Rise to £1,723 in October
×