【英语财经】阿里巴巴切分IPO蛋糕避免银行间争斗 Banks jostle for Alibaba roles and fees

  • 【英语财经】阿里巴巴切分IPO蛋糕避免银行间争斗 Banks jostle for Alibaba roles and fees已关闭评论
  • A+
所属分类:双语财经

2014-5-6 16:16

小艾摘要: When Alibaba reveals its prospectus for what could rival the largest initial public offering by a private company to date, one page will reflect the behind-the-scenes jockeying that advisers have enga ...
Banks jostle for Alibaba roles and fees
When Alibaba reveals its prospectus for what could rival the largest initial public offering by a private company to date, one page will reflect the behind-the-scenes jockeying that advisers have engaged in while preparing to list China’s ecommerce giant.

People involved in the process said five global banks would be displayed prominently in alphabetical order – Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase and Morgan Stanley.

Citigroup’s position just behind those names will reflect its smaller role in the preparations and the smaller share it is set to earn of what could be one of the largest paydays from an IPO, these people said.

The six banks will split as much as $400m in fees if the IPO is executed smoothly and Alibaba raises a target of about $20bn.

Alibaba’s prospectus is expected to be filed imminently, people familiar with the matter said. The company is seeking to raise anywhere between $15bn and $25bn at a valuation as high as $200bn, the FT has previously reported. The IPO pricing and market debut is expected sometime in the second half of this year.

The plan to reward most of the banks equally reflects efforts behind the scenes by senior Alibaba executives, including vice-chairman Joe Tsai, to keep the focus of the public offering on the company itself.

Lessons learnt from other high-profile technology listings such as the $16.1bn Facebook IPO in 2012 have led Alibaba executives to emphasise this point at meetings in Hong Kong with the lead banks in late March and early April, according to several people in attendance.

In those meetings a variety of tasks, which are typically assigned to the lead bookrunner on an IPO, were sliced and diced to keep all the banks involved in the preparations.

Aside from bankers, other advisers working on the deal include the law firms Simpson Thacher & Bartlett and Sullivan & Cromwell, where Mr Tsai once worked in its tax group.

The six banks declined to comment.

阿里巴巴(Alibaba)的首次公开招股(IPO)堪称迄今为止私营企业最大规模的IPO,在该公司为此披露的招股说明书中,将有一页足以反映出在为这家中国电子商务巨头筹备上市的过程中,众多参与的顾问公司在幕后开展了怎样的勾心斗角。

知情人士表示,五家全球银行将按照字母顺序放在显眼的位置上。这五家银行是:瑞士信贷(Credit Suisse)、德意志银行(Deutsche Bank)、高盛集团(Goldman Sachs)、摩根大通(JPMorgan Chase)和摩根士丹利(Morgan Stanley)。

这些知情人士表示,花旗集团(Citigroup)将排在以上五家银行之后,这表明该集团在此次筹备过程中起到的作用相对较小,还表示该集团获取的佣金将只占相对较小的份额——这次IPO佣金的规模可能属于史上规模最大的一次。

如果此次IPO得以平稳进行,阿里巴巴成功实现200亿美元左右的募资目标,以上6家银行将分享高达4亿美元的佣金。

知情人士表示,阿里巴巴预计将很快发布招股说明书。据英国《金融时报》此前报道,阿里巴巴试图募集的资金在150亿美元到250亿美元之间,为此阿里巴巴的估值将高达2000亿美元。新股定价及上市预计将在下半年某个时候举行。

阿里巴巴打算以同等比例回报多数银行的计划,显示出包括蔡崇信(Joe Tsai)在内的阿里巴巴高管在幕后所做的努力——他们试图将各银行的注意力集中于企业上市计划本身。

根据几名参与人士的说法,阿里巴巴的高管们汲取了其他高调上市的高科技企业的教训(比如Facebook 2012年161亿美元的IPO),他们在3月底和4月初在香港召开的会议中特别强调了要将注意力集中于企业上市计划本身。

在会上,原本在IPO过程中通常会被委派给首席账簿管理人的各种任务被分割成条条块块,以确保所有银行都能参与筹备过程。

除了众多银行家,其他参与这一交易的顾问公司包括盛信律师事务所(Simpson Thacher & Bartlett)和苏利文与克伦威尔律师事务所(Sullivan & Cromwell)。其中,蔡崇信曾在后者的税务团队中工作过。

报道中提到的6家银行对此都拒绝置评。

译者/简易

本文关键字:财经英语,小艾英语,双语网站,财经双语,财经资讯,互联网新闻,ERWAS,行业解析,创业指导,营销策略,英语学习,可以双语阅读的网站!
  • 我的微信
  • 这是我的微信扫一扫
  • weinxin
  • 我的微信公众号
  • 我的微信公众号扫一扫
  • weinxin