Facebook is expected to make its first filing for its IPO today, according to news reports, and details are starting to leak out. If you believe the papers, here’s what we know now. This post will be updated until the filing.
10:36 a.m. Kara Swisher says Facebook won’t file anything until after trading closes. They might file something earlier! But probably not!
“Facebook is expected to file to raise US$5bn in a preliminary IPO prospectus on Wednesday morning, which while less than anticipated could be increased to satisfy ultimate investor demand”
“the company has been unusually guarded about the process for selecting banks involved in the underwriting syndicate”
Facebook plans to list a preliminary goal of $5 billion… “any such number was largely a placeholder for determining filing fees, and that the final amount could differ significantly. And the company could still decide to delay its filing.”
Facebook chose Morgan Stanley, which led the IPOs for Groupon, Pandora and Zynga, to lead its IPO. Goldman Sachs, JPMorgan Chase, Barclays and Bank of America are also underwriting.
Facebook will file plans today with regulators to raise $5 billion, but considered raising $10 billion which would have been the largest IPO ever by an Internet company.
The New York Stock Exchange and the NASDAQ fought fiercely over Facebook’s listing.
Facebook has reserved “FB” which it can use on either exchange.
Facebook’s filing is unlikely to come until after trading today.
“Low-key was one of Zuckerberg’s main tenets of the IPO as it became more inevitable. Thus, one of the first things [CFO David] Ebersman did was nix the “pitch” process by banks. Instead, sources said, he worked with bankers individually to design an IPO that would work best for Facebook, including keeping fees low.”