(Adds valuation, detail)

By Julie Zhu, Kane Wu and Samuel Shen

HONG KONG/SHANGHAI, Oct 24 (Reuters) – Some large Chinese
fund managers have submitted bids in the range of 68-69 yuan per
share for the Shanghai leg of the financial technology giant Ant
Group’s likely $35 billion dual-listing, people with direct
knowledge of the matter said.

Many of them have bid for the Ant shares for the domestic
listing at the Nasdaq-style STAR Market in Shanghai at close to
69 yuan ($10.32) apiece, one source said.

Under local market rules, the final price for the initial
public offering, which was decided on Friday but has not been
disclosed yet, is based on the guidance from the large
investors.

The expected $35 billion listing in Hong Kong and Shanghai
of Ant, backed by e-commerce behemoth Alibaba, would be
the world’s largest IPO, beating Saudi Aramco’s record $29.4
billion float last December.

The people declined to be named as they were not authorised
to speak to the media.

Ant declined to comment.

At 69 yuan per share, Ant can raise up to 115.3 billion yuan
($17.3 billion) in the Shanghai tranche, at a valuation of up
to 2.1 trillion yuan, before a 15% greenshoe or over-allotment
option is exercised.

Ant plans to sell up to 1.67 billion shares in the Shanghai
float which is set to be the biggest IPO in China, eclipsing the
record set by Agricultural Bank of China’s $10.1
billion Shanghai float in 2010, according to Refinitiv data.

($1 = 6.6843 Chinese yuan renminbi)
(Reporting by Julie Zhu and Kane Wu in Hong Kong and Samuel
Shen in Shanghai; Editing by Sumeet Chatterjee and Mike
Harrison)