Alibaba's 27 partners are expected to start steering a listed giant within less than a month, as their nomination right for the company's directors will become effective upon the completion of the biggest initial public offering (IPO) in US history.

Alibaba reportedly starting roadshow for IPO on Sept 8

Its founder and chairman Jack Ma, among other senior managers of Alibaba, will start meeting investors next week before the IPO, a listing that is expected to raise as much as $20 billion.

Alibaba's partners, with exclusive right to nominate a majority of the company's directors, have stayed under the spotlight since it is the governance structure that has kept Alibaba from pursuing an IPO in Hong Kong.

"The peer nature of the partnership enables senior managers to collaborate and override bureaucracy and hierarchy," says its prospectus, uncloaking identities of the 27 partners and their duties as well as rights.

The partnership consists of 22 Alibaba executives, four executives of the company's Small and Micro Financial Services Co and one executive at China Smart Logistics Network, a logistics joint venture.

"They are not as mysterious as people thought," said a former employee, having worked at Alibaba for more than nine years with direct access to some of the partners, who wished to remain anonymous.