Facebook Inc. (FB)’s underwriters for its initial public offering made gains of about $100 million through their work to stabilize the shares in public trading, said a person familiar with the matter.
The gains will be shared by all banks on the IPO syndicate, said the person, who declined to be identified because the process was private. Morgan Stanley (MS) will use some of the gains to reimburse clients who lost money because of glitches in trade execution, the person said.
To contact the reporter on this story: Lee Spears in New York at email@example.com
To contact the editor responsible for this story: Julie Alnwick at firstname.lastname@example.org