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Facebook Underwriters to Split $176 Million in IPO Fees

Facebook Inc. bankers led by Morgan Stanley will split about $176 million for managing the social-networking company’s initial public offering after accepting a lower-than-average fee for their work.

The underwriters are collecting about 1.1 percent of the $16 billion Facebook raised in its IPO yesterday, the company said in a filing today. The company hired 33 investment banks for the offering, led by Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc.