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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Meta Platforms Inc | NASDAQ:META | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 510.60 | 510.83 | 510.88 | 0 | 01:00:00 |
NEW YORK (Dow Jones)--Lead underwriter Morgan Stanley (MS) received about 38% of the shares in Facebook Inc.'s (FB) initial public offering to distribute to investors, while J.P. Morgan Chase & Co. (JPM) and Goldman Sachs Group Inc.'s (GS) allotments were roughly 20% and 15% respectively, according to people familiar with the situation.
Morgan Stanley was expected to collect the largest chunk of what could be more than $175 million in fees from the social-network company's IPO, one of these people said. The Wall Street Journal reported earlier this month, when the anticipated deal size was smaller, that the total was an estimated $150 million, citing people familiar with the situation.
The figure increased because Facebook boosted the size of the offering by 25%, or 100 million shares, after convincing earlier investors like Accel Partners, Tiger Global Management LLC and Goldman Sachs to increase the number of shares they were selling.
The share-allotment and fee-pool estimates don't reflect an extra 63.2 million in Facebook shares, the so-called greenshoe, in which underwriters receive additional stock and can sell it to investors at the offering price.
Facebook, which priced Thursday at $38, opened Friday around $42, before falling to as low as $38. The stock rebounded, but fell back again, closing up 0.6% at $38.23.
Morgan Stanley, which won the coveted lead left spot in the offering, was joined as a top underwriter on the Facebook deal by J.P. Morgan Chase & Co. (JPM) and Goldman Sachs, in that order.
Beyond the top trio, Bank of America Merill Lynch, a unit of Bank of America Corp. (BAC), and Barclays PLC (BCS) each received 6.5% of the shares, while Allen & Company was allotted 2% and Citigroup Inc. (C), Credit Suisse Group AG (CS, CSGN.VX) and Deutsche Bank AG (DB) were all given 2.25% of the distribution, one of these people said.
Wells Fargo & Co. (WFC) and Royal Bank of Canada (RY) received 1% of the Facebook shares, this person said.
A Deutsche Bank spokesman declined to comment. J.P. Morgan, Citigroup, Allen & Company, RBC, and Wells Fargo didn't immediately respond to requests for comment.
-By Brett Philbin, Dow Jones Newswires; 212-416-2173; brett.philbin@dowjones.com
--Liz Moyer contributed to this article.
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