(May 20): Goldman Sachs Group Inc has the leading role on the cover of SpaceX’s initial public offering (IPO), according to people familiar with the matter, giving the firm a prominent position in potentially the biggest listing of all time.
Morgan Stanley is also listed as a lead bank, the people said, asking not to be identified as the information isn’t public. Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co appear in alphabetical order on the preliminary prospectus, the people said, asking not to be identified as the information isn’t public.
Billionaire Elon Musk’s rocket, satellite and artificial intelligence firm is expected to file publicly for an IPO as soon as Wednesday, Bloomberg News has reported.
A bank’s position on the cover of a high-profile IPO conveys potentially a more active role and in some cases a larger share of the fees.
Deliberations are ongoing and details of the offering could still change, the people said. The Wall Street Journal was first to report the line-up.
Representatives of Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan declined to comment. A spokesperson for SpaceX did not immediately respond to requests for comments.
See also: GIC-backed JustCo aims to raise $100 mil from IPO to fund expansions
SpaceX’s IPO is targeted to raise as much as US$75 billion ($96.15 billion) and is seeking a valuation of more than US$2 trillion, people familiar with the matter have said. At that size, it would easily surpass Saudi Aramco’s US$29.4 billion IPO in 2019, according to Bloomberg calculations.
The listing is expected to generate fees for the banks on the deal far in excess of a normal listing, and Citigroup was added to the banks leading the offering, Bloomberg News reported in March, joining the other four.
Numerous other banks have been tapped for roles, people familiar with the matter have said. Barclays plc is in charge of UK IPO share orders, while Deutsche Bank AG and UBS Group AG are working on European orders, the people have said.
See also: Musk wants to get SpaceX IPO underway ‘pretty soon’
Royal Bank of Canada is managing share orders from Canada, Mizuho Financial Group Inc is working on Asia orders and Macquarie Group Ltd is focused on Australia, Bloomberg News has reported.
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