Facebook Wednesday upped the number of shares that will be sold when it IPOs
Friday by almost 25% or 84 million shares to about 421.2 million shares of
Class A common stock.
The overallotment has also been increased from 50.6 million to 63.2 million.
If all 484.4 million shares move, it'd estimated $18.4 billion could change
hands, up from $14.7 billion.
The added shares will be coming from early investors.
The move, which gains Facebook nothing, will also cut CEO Mark Zuckerberg's
dominant voting power from 57.3% to around 55.8%.
Pricing remains, at least for the moment, at between $34 and $38 a share. It
won't be locked down until Thursday night when it could be increased again.
The range was between $28 and $35 until Tuesday and the stock has traded as
high as $44 in the secondary markets recently.
Reuters said the increase in size would make it the third-largest... (more)
Here we are less than three days before Facebook's historic $100 billion IPO
and General Motors or "people familiar with the matter" let slip to the Wall
Street Journal that GM's going to stop advertising on the social networking
site because the paid ads are ineffective.
The big American carmaker still reportedly intends to do marketing through
Facebook but that's not going to put any money in Facebook's pocketbook.
The paper says GM started having doubts earlier this year and met with
Facebook managers, leaving the meetings "unconvinced advertising on the web
site made sense."
... (more)
You knew this was gonna happen, right?
Facebook has repriced its IPO upwards from $28-$35 a share to $34-$38 a share
giving it a valuation of $92 billion-$104 billion, a neighborhood more to its
liking than the original $77 billion-$96 billion. The actual price won't be
set until Thursday night.
Bloomberg claimed the company's IPO roadshow was producing less institutional
demand for the stock than expected because of less-than-rosy revenue
forecasts last week - though the increase in the price would seem to belie
that statement - and the AP and CNBC did a survey that found half t... (more)
Yahoo board member Patti Hart, who led the search committee that resulted in
Yahoo hiring PayPal president Scott Thompson as its CEO, won't stand for
re-election at the next annual meeting, according to sources tapped by All
Things Digital.
Activist shareholder Third Point has been agitating for her to go and take
Thompson with her since it discovered last week that both of them had faked
their college degrees. It's currently demanding transcriptions of all of
Yahoo's records concerning Thompson's appointment although what it really
wants is to get its slate of candidates on Yah... (more)
The great Facebook IPO is supposed to happen on Friday May 18.
The company's big investor-pitching pre-IPO roadshow is supposed to kick off
this Monday and only see some appearances by Facebook founder Mark
Zuckerberg, according to the Wall Street Journal. CFO David Ebersman and COO
Sheryl Sandberg will reportedly handle the bulk of the meetings. Initial East
Coast meetings are supposed to be stuffed to the gills. But you can see the
video now (http://facebook.retailroadshow.com/launch.html).
Real pricing never happens until the night before an IPO. But it claimed in a
regulatory... (more)
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