Breakingviews - Ant squashes some Asian investment bankers

The Alibaba-backed outfit on Tuesday unveiled long-awaited plans to go public. Last valued privately at some $150 billion, Ant is aiming to raise at least $20 billion. It could yet turn out to be the world’s largest IPO ever, surpassing the $29.4 billion Saudi Aramco raised last year.

Most notably sidelined are Credit Suisse and Goldman Sachs. Both helped e-commerce giant Alibaba with its giant market debut in 2014, as did Morgan Stanley and JPMorgan. Goldman has been working more with Alibaba rivals such as Tencent, and the two Chinese tech titans have increasingly sought allegiance from their advisers.

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Ant squashes some Asian investment bankersThe Chinese fintech outfit’s $20 bln IPO is set to shake up league tables. Citi gets a lift as an unexpected sponsor. Credit Suisse could miss out. And Tencent-aligned Goldman is sidelined. In a region so dependent on equities fees, more than just egos will be bruised.
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