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Facebook goes ipo

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With short hair, brown skin, and few wrinkles, Swaminathan looks much younger than her 68 years. She spent most of adult life as a suburban mom, making tofu for her daughter's friends at theater rehearsals, taking her three sons to soccer practice and Boy Scouts, and volunteering in the local community.

Her interest in the stock market didn't develop until her husband died about 13 years ago. Her four children had already moved out to attend college or to pursue their careers. Swaminathan was left with her late husband's k retirement account, when she started dabbling in the market, investing in stable companies like Microsoft.

Not long after, she began to follow the news coverage of initial public offerings IPOs -- when private companies enter the public market -- and came to know of the phenomenon known as the first day "pop. A year earlier, she watched as social networking site LinkedIn's stock price closed up percent on its opening day. She'd never placed such a big bet on just one stock, but she felt a personal connection to Facebook. She had been using the site to connect with family and friends since , and almost everyone she knew had an account.

Now, as she watched the TV in eager anticipation, millions of shares were going to leave the hands of private investors and start trading, giving anyone with enough money a chance to own a slice of the social network giant. Silence descended as Zuckerberg came forward to deliver his speech: "I just want to say a few things, and then we'll ring this bell and we'll get back to work. Right now this all seems like a big deal. Going public is an important milestone in our history.

But here's the thing: our mission isn't to be a public company. Our mission is to make the world more open and connected Finally he reached the moment so many were waiting for: "So let's do this! Minutes later, Swaminathan's online order was executed, and the retired schoolteacher had just spent approximately half her life savings. For Mark Zuckerberg, selling Facebook shares on the public market had a clear downside. Besides the headache of releasing a company's financial details to the public, he worried that increased scrutiny and push for profits would compromise Facebook's mission.

But like any growth-stage company, Facebook needed money, and private companies face restrictions on how much stock they can issue for cash. In early , Goldman Sachs helped Facebook conjure IPO-type money without an actual IPO by creating a special investment product to sell its private shares to Goldman's wealthiest clients.

Soon after, Zuckerberg decided to take the company public. On February 1, , Facebook filed its Form S-1 -- effectively a birth certificate for publicly traded companies -- containing everything an investor needs to know before buying shares at an IPO, including basic financial information and the business model. The S-1 is especially meaningful to investment banks. Facebook listed its underwriters -- the banks picked to buy and sell shares on the IPO -- near the front of the document, from left to right, in order of responsibility, with Morgan Stanley in the coveted "left lead" position.

This put Facebook's IPO in the hands of one of Silicon Valley's most celebrated bankers: Michael Grimes, co-head of global technology banking at Morgan Stanley's Menlo Park office, located just a few miles north of Facebook's headquarters.

Michael Grimes, the son of a mapmaker, is a lifelong Californian with a bachelor's in computer engineering from UC Berkeley. A titan in the world of tech IPOs, his status grew not only from expertise in taking small and large digital companies public, but also from his myth-making showmanship. To win Ancestry. To get a Hewlett Packard acquisition, he waited outside an executive's office for hours just to make a pitch.

With Grimes and the investment bank prepping the offering and building demand for shares, it fell to another Morgan Stanley employee, Scott Devitt, to tell outside money managers whether they should buy Facebook stock. As the head of Morgan Stanley's Internet equity research team, Devitt makes a month target price for stocks and provides a rating -- buy, hold, or sell -- for hedge funds like Citadel and large, storied institutional investors like Fidelity.

Devitt's agreement with his clients guarantees an independent analysis of company performance -- even if Morgan Stanley is leading the IPO. The stark division between these two functions of a bank is known as a "Chinese Wall. Morgan Stanley and other brokerage firms were slammed with fines for repeatedly breaching the "Wall" during the dot-com boom.

In the aftermath of the Facebook IPO, the bank would find itself under the spotlight yet again for allegedly sharing key, private information with wealthy clients. A roadshow -- a city-by-city promotional tour where executives drum up support for their IPO before large investors -- is typically a lackluster affair. Facebook's was more like a Hollywood party. A crowd of paparazzi greeted them, and a long line of onlookers wound around the hotel building. Inside the meeting, Facebook played a video introducing the business model to special clients of its underwriting banks.

Although an IPO roadshow is supposed to be an untarnished hype-machine for a company's prospects, back in California, those prospects were hurting. Facebook's new internal forecasts showed revenue growing slower than expected. The reason: Users were flocking to smartphones faster than the company could serve mobile ads. On the first day of what may have been the most watched IPO roadshow in memory, Ebersman confessed to Morgan Stanley that Facebook had cut revenue projections -- a nearly unprecedented last-minute correction in an IPO of its scale.

Even if the changes were small, statistically, in IPO showbiz statistics run second to momentum, and nothing kills momentum like a poorly timed downward revision. Facebook and Morgan Stanley knew they had to make a public disclosure. But what to disclose? The law requires companies to share all information that would likely influence an investor's decision to buy stock.

Plus, Morgan Stanley's research team was still advising clients based on figures that Facebook now considered wrong. With less than a week before the IPO, they came up with a solution that they thought would spare Facebook a modicum of embarrassment -- but would have fateful consequences for Morgan Stanley and investors:.

When a company makes an amendment to its S-1, the entire document can be filed again, without track-changes or highlights to specify the changes. When Facebook filed its "Amendment No. On page 14 and 17, the company said that its users were growing faster than ads due to the increased use of mobile phones and product decisions that allowed fewer ads per page. On page 57, Facebook said the mobile trend discussed elsewhere in the document had continued in the second quarter, due to users shifting from computers to phones.

None of the changes suggested any major revision to Facebook's financial outlook. Facebook's lowered revenue estimates did not appear in the S-1, nor was there any precedent requiring these numbers to be included. Even the most sophisticated retail investors, armed with a software bot that could comb the new S-1 for updates, could not have read what research analysts at Morgan Stanley, JP Morgan, Goldman Sachs, Citigroup, and many other investment banks would learn later that evening: That Facebook, already projected to trade at high multiples given its earnings figures, was slashing its annual projections.

Before an IPO of Facebook's size, research analysts and large investors play a massive multi-billion-dollar game of "Telephone," because analysts at underwriting firms are banned from publishing or emailing research about a new public company until 40 days after the IPO. The rule is designed to protect retail investors from taking analysts' notoriously bullish research too seriously. But it has an unintended side effect: Research analysts can pass on exclusive, last-minute information to institutional clients without a paper trail.

After the company's surprising eleventh-hour amendment, the unenviable job of explaining Facebook's revisions to the research analysts fell to Cipora Herman, Facebook's vice president of finance. He played the part of an analyst, while she played herself. They practiced until the amended S-1 was officially made public on the SEC website, at exactly pm. Before her first call to Scott Devitt at Morgan Stanley, Grimes left the room to avoid the appearance of breaking the law that bans investment bankers from influencing analysts.

But Herman had a script in Grimes' handwriting detailing Facebook's new second-quarter revenue estimates:. Herman's first three calls were to the research desks of Morgan Stanley, JPMorgan, and Goldman Sachs, and after their conversations, all three banks cut their estimates of Facebook's annual revenue by between 3.

The news spread -- from research analysts to their preferred clients -- that Facebook was slashing revenue estimates in the middle of the roadshow. Even analysts who hadn't yet made a single call about Facebook's new figures were being inundated with questions. Many large investors sensed a rare opportunity: With its revenue projections falling at such a peculiar time, the conditions could be perfect to place a massive bet against Facebook stock.

On May 11, Bloomberg reported that demand for Facebook's stock among institutional investors was much lower than expected. But on the same day, Reuters had a conflicting report: Facebook was already oversubscribed, and one large unnamed institutional investor was calling around syndicate desks trying to get more shares.

While retail investors clamored for Facebook shares, some large investors were planning a massive short -- essentially betting against the stock's buyers. Scott Sweet, senior managing partner of Tampa-based research firm IPO Boutique, received calls from hedge fund clients saying they heard from research analysts at underwriting banks that Facebook's mobile trend was behind its lowered earnings estimates.

One multi-billion dollar hedge fund client told Sweet that he planned to short the stock as a result. Sweet didn't name the investor due to a confidentiality agreement he has with clients. A day later, they increased supply to more than million shares. Back in her home, Swaminathan didn't know about the reduced revenue estimates or about the vast number of hedge funds that were planning to short Facebook.

After the opening bell ceremony neared its end at a. Overview of the initial public offering of Meta then known as Facebook, Inc. The Greenburgh Daily Voice. Retrieved 18 July Salmon writes that the reason it had more than shareholders is because "early investors, including Accel and DST, have been selling down their stakes in private markets for some years now. PC Magazine. February 1, Retrieved May 18, Mashable business.

Retrieved March 23, Archived from the original on March 5, Retrieved April 3, Retrieved February 1, NBC Bay Area. Archived from the original on Retrieved The Wall Street Journal. May 16, May 17, The Los Angeles Times. Archived from the original on May 18, Retrieved May 17, BBC News. Rusli; Peter Eavis May 17, CBS Interactive. De La Mercred May 18, The New York Times. Venture Beat. May 18, Archived from the original on May 22, Associated Press.

CBS News. The Motley Fool. June 4, December 11, Retrieved 17 December Huffington Post. July 1, Botched, Facebook Looks Hard at Nasdaq". The Washington Post. Lawsuits Mount. Rusli and Michael J. De La Merced 22 May Raises Regulatory Concerns". Retrieved 22 May The San Francisco Chronicle. Retrieved 24 May Meta Platforms. Kimmitt Peter Thiel Tracey Travis. Most-followed Facebook pages Most-viewed videos in the first 24 hours.

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Update: a. According to NME , Bono owns about 2. Lots of paperwork still to be done apparently. Now Nasdaq is saying for kick off. Some of the FP reporters in the newsroom who have covered lots of IPOs are saying we could be waiting until 1 p. Probably likely to get going at I could write 1, words about facebookIPO media coverage.

Or I could post this photo. Zuckerberg pressed the button, it would automatically generate a Timeline status update on his Facebook page. Read the story to find out how they did it. His status, posted at roughly a. You can check out the status here. Thanks to lheron at the Wall Street Journal for posting. Later this morning — reportedly around 11 a. ET — shares of Facebook Inc. If that happens, it will be the first time in U. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

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At the same time, Facebook leaders and their Investment Banking colleagues were pushing for sale at the top end of their price range. Bad Timing and lawsuits faced by Facebook Facebook had faced a number of lawsuits following its IPO. Many users had started using the Facebook app on mobile. Facebook is finding it difficult to shift its ad sales to mobile platforms, a place the company admitted it does not currently generate any meaningful revenue.

Facebook had repeatedly warned in the IPO filing about the challenges they were facing in mobile advertising. Due to these challenges of mobile advertising just before the IPO, Facebook had realized that its 2Q revenue would be lower than previously estimated in its IPO statements.

This was communicated verbally to the large investors, but small investors were kept in the dark. Due to this large investors made huge profits by betting against the company or many others avoided major losses by backing out of the IPO just in time, while small investors were left with overpriced shares.

Due to this, some investors failed to sell their stock during the first day of trading while the stock price was falling—forcing them to incur bigger losses when their trades finally went through. Due to all these reasons, Facebook IPO was not trading at the price on which it had launched i. Here are some articles that will help you to get more detail about the Facebook IPO so just go through the link. By signing up, you agree to our Terms of Use and Privacy Policy.

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Remarkable, pre ipo SPB Exchange opinion

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So ultimately, I think we're moving to a world where the ability to tell a potential recruit, 'hey in two years, you'll be able to sell a part of your vested holdings,' will become the trump card. There are some drawbacks to filing an IPO, however.

Aside from the immense amount of time and paperwork that goes into filing an IPO, there is considerable risk that funding will not be raised. In addition, once a company files an IPO, they are required to disclose financial and business information, and disseminate financial information that could potentially be useful to competitors. The company and the underwriter will meet to negotiate a deal. They will decide on how much money to raise, and other details of the underwriting agreement.

The sides can agree to a firm commitment, in which the underwriter will guarantee that a certain amount will be raised, or a best efforts agreement, where there is no guarantee. In a firm commitment, the underwriter will take a much higher commission. Once all sides agree to a deal, the investment bank files documents with the SEC. This document contains information about the company, such as financial information, debts, management background, legal problems, and how the money will be used.

The SEC will then investigate and ensure that all information is disclosed. Once the SEC approves the offering, a date the effective date is set when the stock will be offered to the public, according to Ventura. Once they decide that it has, they will set a date when stock will go on sale. Best estimates are that stock will go on sale between April and June. Facebook stock falls below IPO price. Facebook employees have millions.

Now what? Nasdaq 'embarrassed' over Facebook trading issues - Reports. Facebook: Many mutual funds already have a stake. Facebook trading sets record IPO volume. Why Facebook won't start trading at the opening bell.

Remember theGlobe. Tech IPOs have a dismal track record. Facebook IPO: The art of pricing the right pop. Facebook to set final IPO price Thursday. Should you buy Facebook? How Facebook insiders are preparing to be millionaires. Seniors clamoring to invest in Facebook IPO. How to buy 1 share of Facebook stock. Facebook co-founder renounces U.