This photo taken on Oct 13, 2020 shows the Ant Group headquarters in Hangzhou, in China's eastern Zhejiang province. (PHOTO / AFP)

HONG KONG - The domestic retail book of Ant Group Co Ltd's US$34.4 billion dual listing was 872 times oversubscribed as individual investors on the Chinese mainland scrambled for a slice of the world's largest initial public offering (IPO), a company filing showed.

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Ant is poised to raise about US$17.2 billion on Shanghai's STAR Market and roughly the same in Hong Kong, shattering the record set by Saudi Arabian Oil Co (Saudi Aramco) with its US$29.4 billion listing last December.

The oversubscription equates to an investment interest of about 4 trillion yuan (US$596.76 billion)

Investors are rushing to buy into the fast-growing Chinese fintech firm, which operates the country's biggest payments platform and other financial services.

The oversubscription equates to investment interest of about 4 trillion yuan (US$596.76 billion).

Hangzhou-based Ant, backed by e-commerce behemoth Alibaba, is selling 1.67 billion shares on the Nasdaq-style STAR market before a so-called greenshoe option for a 15 percent overallotment of shares.

The company which on Monday set the price of the Shanghai leg at 68.8 yuan (US$10.27) per share, was offering 4 percent of the initial shares to mainly retail investors on the mainland, having earmarked 80 percent of the domestic offering to 29 strategic investors who will be locked up for at least one year.

The remaining 16 percent of the Shanghai leg had been allotted to non-strategic institutional investors who subscribed for about 76 billion shares, roughly 284 times the initial tranche, according to Ant's filing on Monday.

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