Deals
Morgan Stanley Faces Test on ServiceNow IPO After Facebook
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Morgan Stanley is taking ServiceNow Inc. public this week in the first U.S. technology initial public offering since Facebook Inc., a sale that may be crucial in preserving its position as Silicon Valley’s go-to bank.
Morgan Stanley has been under fire for how it led the $16 billion Facebook sale after the shares plunged as much as 32 percent since their debut last month. That’s put the New York-based firm under more pressure than usual to balance ServiceNow’s expectations with those of investors when it prices the IPO of the cloud-based software maker on June 28.