TORONTO (Reuters) – The group bidding for the Canada’s biggest stock exchange said on Tuesday it was trying to ease concerns about its $3.8 billion offer, but it is unclear if any concessions will…
Social networking giant Facebook is expected to file documents for its long-awaited initial public offering on Wednesday morning, according to a new report by International Financing Review, a Thomson Reuters publication. IFR said the 7-year-old company will seek to raise $5 billion. IFR said Facebook has chosen Morgan Stanley as the lead bookrunner — occupying […]
The drip-drop of financial news about Facebook’s impending initial public offering is starting to turn into a downpour. The company is planning to file its initial prospectus on Wednesday morning, Reuters is reporting, with the intention of raising a conservative $5 billion.
The report, through Reuters subsidiary International Financing Review, also answers the question of which bank will lead — Morgan Stanley. The others will include Bank of America Merrill Lynch, Barclays Capital, JP Morgan, and Goldman Sachs, which had appeared to be in the lead position last year after it helped Facebook raise a $1.5 billion late-stage round. However, issues around that funding may have contributed to Morgan Stanley getting the top spot.
If everything goes as planned with the SEC’s review, Facebook will likely go public in May.
The general IPO time-frame has already been widely reported. The most surprising part of this latest news is the relatively low amount Facebook is seeking. Previous reports had put it seeking $10 billion. Considering the middling performance of other recent tech IPOs, Facebook appears to be wary of selling too much stock before it knows more about how the market feels. The valuation and share price are still unknown, although shares on private secondary markets are currently selling at prices that would make it worth above $80 billion.
Moves are afoot to scale back €8bn plan to reduce Europe’s dependence on Russian energy imports after Turkey and Azerbaijan question its viability
I just landed in Rome for some on-the-ground reporting on the latest twists and turns in the euro zone debt crisis, and I immediately got some sound insights from our reporter here, Stephan Faris. Stephan watches the situation in Italy more closely than I do, and he makes the point that Rome simply would not […]