Several investment banks have been invited to apply to fulfill management roles in Industrial and Commercial Bank of China's upcoming US$10 billion IPO, the Wall Street Journal reported, citing bankers involved in the process. Goldman Sachs, Merrill Lynch and four others are said to be involved. With China's banks expected to sell US$20 billion in shares this year, the investment banks who underwrite these offerings are likely to generate US$500 million in fees. Morgan Stanley received a record US$130 million in fees last year, largely thanks to China Construction Bank's US$9.2 billion IPO. Meanwhile, China Merchant's Bank is said to be close to naming Merrill Lynch and UBS as the banks running its predicted US$1.3 billion IPO.