(Bloomberg) — Ant Group’s doubtlessly record-sized preliminary public providing may propel expertise capital-raising in 2020 previous the dizzying heights of the dotcom bubble, a rare displaying in a pandemic-stricken 12 months fraught with geopolitical uncertainty.Jack Ma’s Chinese language monetary titan goals to boost no less than $30 billion in Hong Kong and Shanghai in October, which may push international first-time share gross sales by tech corporations properly previous $57 billion, in line with information compiled by Bloomberg. That may be the best since 1999, when tech firms raised $62 billion and famously ushered in a plethora of now-defunct web outfits.After an preliminary pandemic-induced lull, company share gross sales have come again with a vengeance, luring most of the identical buyers who pushed Apple Inc.’s market cap previous the $2 trillion mark and ignited a broad rally in web firms worldwide.Ant joins a stampede of firms that started making an attempt to promote shares in latest weeks, from meals supply behemoth DoorDash Inc. to Airbnb Inc. July’s nearly $19 billion in new listings was the busiest month for U.S. IPOs since September 2014, when 36 firms together with Ant-affiliate Alibaba Group Holding Ltd. went public whereas elevating $36 billion.“The multiple environment for technology companies is at the highest since the dotcom bubble,” mentioned Lauren Cummings, co-head of expertise fairness 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.”Learn extra: Tech Unicorns Speeding to Go Public Defy Sleepy Summer time SeasonInvestors have questioned whether or not a 2020 run-up that’s lifted marquee names from Apple and Fb Inc. to Tencent Holdings Ltd. is fueling a bubble akin to that of 20 years in the past, which introduced down a lot of the fledgling web financial system when it popped. Past the basics nevertheless, there are a number of distinctive features to this 12 months’s tech mania.One is sheer measurement. Ant’s big providing may skew comparisons with 1999, notably if it surpasses Saudi Aramco’s $29 billion IPO final 12 months as the most important in historical past.The previous 12 months has featured an uncommon variety of first-time share gross sales on Hong Kong or mainland bourses by Chinese language firms already listed overseas, fearing a backlash from an more and more belligerent Trump administration. They embrace Alibaba, JD.com Inc. and high chipmaker Semiconductor Manufacturing Worldwide Corp.Learn extra: Ant Group Cites U.S. Dangers in Submitting for Hong Kong, Shanghai IPOThe rise of the hyper-local ChiNext and Star markets in China has additionally inflated 2020’s pipeline. Punters on the mainland have devoured up loss-making debutantes like by no means earlier than — triggering first-day rallies of greater than 2,000% in some circumstances — partially as a result of they imagine Beijing will supply monetary and different types of support for a Chinese language tech sector perceived as important given the Trump administration’s restrictions on commerce.Lastly, the unknown extent of the worldwide financial downturn attributable to the pandemic has led some firms to rethink their capital wants or velocity up plans. Airbnb, which was beforehand seen as a candidate for a direct itemizing, mentioned this month it filed for a standard preliminary public providing. Final week, on Monday alone, 4 biomedical firms, 4 blank-check firms and 5 software program firms, together with Unity Software program Inc., filed to go public.“The year has been really busy for equity capital markets deals so far despite all the headline news,” mentioned Tucker Highfield, co-head of fairness 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.”©2020 Bloomberg L.P.