Tech Stuff
Report: Facebook Will Start To File For IPO Tomorrow
5:13 pm, January 31st | by Hillary Reinsberg
Extra! Extra! Facebook will likely start filing for its IPO tomorrow, Wednesday, February 1.
According to Reuters, Morgan Stanley is leading the $5 billion deal take the company public, with the folks from Goldman Sachs, Bank of America Merrill Lynch, Barclays Capital and JP Morgan also onboard in smaller roles. In other words, expect a sizable chunk of Wall Street’s top bankers to be in on the action.
The big deal though, of course, is for Facebook, which has held out for some time in filing for the IPO. For a basic primer, the accepted theory is that founder and CEO Mark Zuckerberg wanted to hold out for as long as possible before going public. But given the number of investors Facebook has grown to have, they’re required to file with the SEC. Once they go to the business of filing with the SEC, they may as well bite the bullet and file for the whole IPO, which, according to reports, they’ll finally begin to do tomorrow.
What does it mean for Facebook? For one thing, yes, it means a lot of people there — especially those who came on board early on and hold a considerable amount of equity — will become very rich. COO Sheryl Sandberg, for example, stands to become one of the richest self-made women in the country. It also means we’ll get a closer look into the way Facebook works — how much execs there make, and so on. Of course, no one’s getting rich just yet. If the filing happens tomorrow, the actual act of going public still likely won’t happen for a few months.
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