Goldman Sachs wins role stabilizing early trade in Alibaba IPO: source

By

Goldman Sachs Group Inc (GS.N) will be the bank in charge of overseeing early share trading in China's Alibaba Group Holding Ltd's (IPO-BABA.N) initial public offering, according to a source.

Other banks working on the e-commerce company's IPO were eager for the role, also known as the stabilization agent, because of the status and the potential of additional fees associated with it, the source said.

Stabilization agents support the share price by purchasing additional shares on the market.

Barclays Plc (BARC.L) will be the lead floor trader at the New York Stock Exchange, the source added.

A date for the IPO has not been announced but is expected next week.

Alibaba, which powers 80 percent of all online commerce in the world's second-largest economy, is expected to raise more than $20 billion and could top the $16 billion pulled in by Facebook Inc FB.O when it listed in 2012.

The Wall Street Journal was the first to report the matter.

Tags
Goldman Sachs Group Inc, Barclays Plc, New York Stock Exchange, Facebook Inc.
Join the Discussion
More News
Gabby Petito and Brian Laundrie

Moab Police Dodge $50 Million Lawsuit After Gabby Petito's Parents Claimed Cops Emboldened Accused Killer, Ignored Abuse Signs

Claudia Sanchez Reyes

'Pure Evil' Border Patrol Worker and Grave-Digging Half-Brother Plotted Fatal Trap For His Own Wife

California Prosecutors Won't Charge Man Busted by 'Vigilante Teens' in

California Prosecutors Won't Charge Man Busted by 'Vigilante Teens' in Sex Sting, Offer No Explanation

Florist Threats_11212024_1

Tennessee Florist Who Refused to Serve Trump Voters Forced to Close After Flood of Death Threats

Real Time Analytics