Facebook Said to Begin IPO Road Show as Soon as Next Week
Facebook Inc. (FB), owner of the world’s most popular social-networking service, expects to begin marketing its initial public offering to investors as soon as next week, according to a person with knowledge of the matter.
The person declined to be identified because the plans haven’t been made public. Facebook executives will use the so- called road show to outline their business to prospective investors, a process that typically ends within about two weeks.
That timing indicates that Facebook could complete the sale before the end of the month, after updating its IPO filing with regulators by the end of this week. Facebook filed in February for a public debut that could give it a value of $75 billion to $100 billion, people with knowledge of the plans have said. The Menlo Park, California-based company, which has more than 900 million users, is seeking $5 billion in what would be the largest Internet IPO on record.
Facebook executives would use the road show to discuss growth prospects that lifted sales 45 percent to $1.06 billion in the first quarter. They’ll also face questions over the rise in costs that trimmed net income 12 percent to $205 million in the March period.
The company plans to list its shares on the Nasdaq Stock Market and plans to trade under the symbol “FB.”
Jonathan Thaw, a spokesman for Facebook, declined to comment. The technology blog AllThingsDigital reported yesterday that the road show may start next week.
To contact the editor responsible for this story: Tom Giles at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.