5 Most Valuable Pre-IPO Companies in The World

3. Ant Group Co., Ltd.

Valuation: $64 billion

Ant Group Co., Ltd. is a leading financial technology company based in Hangzhou, China. The company provides financial services including wealth management, micro-financing, and insurance, and operates financial services brands like Alipay, Ant Fortune, Zhima Credit, MYbank, and Ant Financial Cloud. Alipay has more than 1bn users, including 711mn monthly active users, as well as over 80mn monthly active merchants and over 2,000 partner financial institutions.

Ant Group obtained a $150 billion valuation in May 2018 with the raise of a $14 billion funding round. In late 2020, the company attempted to raise more than $34 billion in an IPO through a dual-listing on Hong Kong and Shanghai stock exchanges, and was seeking a valuation of nearly $312 billion.

The IPO had to be shelved amid regulatory concerns from the Chinese authorities and the valuation of the company has since taken a massive nosedive. According to a Bloomberg report, Boston-based Fidelity Investments lowered its valuation for Ant Group to $64 billion.