Alibaba to pay banks up to $32.3 million in fees for Hong Kong listing

 Alibaba to pay banks up to .3 million in fees for Hong Kong listing

By Scott Murdoch

(Reuters) - Alibaba will pay its investment banking syndicate up to $32.3 million (£25.00 million) for leading its Hong Kong listing which will raise up to $12.9 billion, according to documents filed with U.S. securities regulators.

The Chinese commerce e-commerce giant employed two co-sponsors, China International Capital Corporation (CICC) and Credit Suisse , to head the deal which has been carried out over the past week.

The two lead banks were joined by Citigroup Inc , JP Morgan and Morgan Stanley as joint global co-ordinators while HSBC and Industrial and Commercial Bank of China (ICBC) were appointed as junior book runners.

An additional supplementary prospectus lodged with the Securities and Exchange Commission (SEC) showed Alibaba would pay the banks up to $32.3 million, if a so-called overallotment of a further 75 million shares is issued which bankers think will occur.

If the over-allotment does not occur, then the investment banking fees paid will be $28.1 million.

(Reporting by Scott Murdoch; Editing by Lisa Shumaker)

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Updated Date: Nov 21, 2019 06:06:34 IST