08/31/2010 10:57 am ET | Updated May 25, 2011

Goldman Backs PetroAlgae IPO

NEW YORK, Aug 31 (Reuters) - No client is too small for Goldman Sachs Group Inc (GS.N) these days, even a company with no revenue that's owned by a hedge fund specializing in penny stocks.

In a move that surprised some observers, Goldman earlier this month emerged as the co-lead manager on an initial public offering for PetroAlgae (PALG.OB), a development-stage company that is trying to create oil from algae.

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