China's Alibaba will pay its investment banking syndicate up to $32.3 milli...
) as joint global co-ordinators while HSBC and Industrial and Commercial Bank of China were appointed as junior book runners.
This would rise to $32.3 million if a so-called overallotment of an additional 75 million shares is issued, which bankers think will occur. According to the filings, Citigroup was allotted more shares to sell than JPMorgan and Morgan Stanley as bookrunners. The investment banks will also benefit from the 1 per cent brokerage fee paid by investors buying stock in the secondary listing.
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