Credit Suisse is set to score a big bonus from Alibaba’s potential $20bn listing that will probably exceed the fees it receives from being one of the six banks underwriting the Chinese ecommerce group’s New York initial public offering.
The Swiss bank would make a paper profit of $68m if Alibaba lists at a valuation of $121bn this year, because it bought $50m of convertible bonds in the group in 2012, according to people familiar with that financing round. The six banks leading Alibaba’s IPO will share $400m in fees, assuming Alibaba raises $20bn.
Credit Suisse made the investment when the bank helped Alibaba raise funds from big investors such as Singapore’s Temasek and GIC. That private funding round valued Alibaba at about $45bn.
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