Sept 3 Goldman Sachs Group Inc 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 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
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.
(Reporting by Amrutha Penumudi in Bangalore)