According to various reports, Social Networking leader Facebook will file for a $5 billion initial public offering, on Wednesday unlike the expected $10 billion.
International Financing Review cites “sources close to the deal” who say the company is planning to raise half of the previously reported $10 billion, because it decided to “start with a conservative base before deciding whether to increase, and it would increase the amount once in demand. The company will then offer shares to the public in May.
And as AllThingsD reports Facebook’s board of directors has been meeting all day ahead of the IPO filing, and that the company wants to minimize the hype . Facebook has selected five bookrunners to help get its offering processing, and it has put Morgan Stanley in the lead-left role. Goldman Sachs, Bank of America/Merrill Lynch, Barclays Capital, and JP Morgan will also help with the deal. The bank in the lead-left role typically earns a larger share of fees collected for handling an IPO.
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