Alibaba Group Holding Ltds desire to keep tight control over its $21.1 billion share sale has left a vacuum at the helm of its banking syndicate, leading underwriters to take unusual steps to manage the offering, according to sources familiar with the situation. Facebook Inc, for example, had Morgan Stanley in that role, while Twitter Inc used Goldman Sachs Group Inc for the job. Alibaba, however, decided to do without one bank in charge of its IPO, and instead is seeking advice from all its major bookrunners. The move gives Alibaba control of the process as no one bank has a complete picture of what is going on.
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