(Reuters) - Goldman Sachs Group Inc will be the bank in charge of overseeing early share trading in China’s Alibaba Group Holding Ltd’s 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 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. [ID:nL2N0NS1YA]
The Wall Street Journal was the first to report the matter.
Reporting by Amrutha Penumudi in Bangalore