Shanghai, Oct 26 (IANS): Chinese financial technology giant Ant Group is set to raise about $34.5 billion from its initial public offering (IPO) in Hong Kong and Shanghai, surpassing the previous record set by Saudi Aramcos $29.4 billion IPO in terms of cash raised last year.

Ant's IPO values it at $313 billion, larger than some of the biggest banks in the world, South China Morning Post reported on Monday.

Headquartered in Hangzhou, Ant Group is the parent company of China's leading mobile-payment business Alipay.

The digital finance behemoth is set to make its debut on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market, and Hong Kong stock exchange on November 5.

Ant priced its 1.67 billion A-shares at 68.80 yuan ($10.27) and the? Hong Kong stock at HK$80 (US$10.32) apiece, said the report.

Alibaba Co-Founder Jack Ma Jack Ma, who owns a controlling stake in Ant, on Saturday billed Ant's share sale as the biggest in human history.

Formally established in October 2014, Ant Group traces its origins back to Alipay, which was launched in 2004.

Alipay's number of monthly active users hit 731 million on September 30.