Morgan Stanley to lead Facebook IPO?
What do you guys think?
A slap in GS and JPM's face?
From Bloomberg:
Facebook Inc., the world’s largest social-networking service, chose Morgan Stanley to take the lead on its planned initial public offering, according to three people with knowledge of the matter.
Morgan Stanley, the New York-based investment bank, gains the coveted lead-left position on the IPO filing, said the people, who asked not to be identified because the matter is private. That designation typically results in a larger share of the fees collected by a securities firm for handling an IPO.
I have heard more than one person speculate that MS got Lead Left because of the GS fuck-up on the private offering earlier this year.
Think it's a combination of (1) publicity around the private round being GS's fault (2) MS leading every large tech IPO in the last 12 months (Groupon/Linkedin/Zynga) and (3) Zuckerberg and Facebook's worry of backlash from the public for using GS lead-left.
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