Twitter IPO: Coup for Goldman, When's the Roadshow?

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Sept. 13 (Bloomberg) -- Twitter's market debut will be the most anticipated initial public offering since Facebook listed last year, and the microblogging service is making sure to avoid some of its rival’s pitfalls. Cristina Alesci reports on Bloomberg Television's "In The Loop." (Source: Bloomberg)

Underwriting process.

That is a big one.

It is.

As you know, they lost out on lead roles in groupon and zynga and 2011 and facebook last year to morgan stanley.

Morgan stanley and goldman have one of the fiercest rivalries on wall street vying for the silicon valley ipos.

For goldman -- look, all banks want to call themselves top advisers to companies that go public.

It helps them market themselves to say they are on these high profile, potentially high risk -- as we saw with facebook -- ipo's. and getting those positions actually put them higher on so- called lea d tables.

They are based on the size of the transactions.

All the advisors get to book the offering on a volume leases.

-- basis.

What makes the position special is you get more of the fees associated with the underwriting fees.

Goldman will get more than other banks, at least that is how it is done on a regular basis on wall street.

So, the bank's revenue is the ultimate yardstick obviously in terms of who the top advisers.

How soon could we see an offering?

It is interesting, because the way the jobs act works, basically a company has to disclose that it is going to start marketing -- and they have to disclose the material they are now keeping confidential before they start the official roadshow process of marketing securities.

One of the benefits of the rule is you can actually withdraw your filing quietly if there isn't demand.

That is one of the benefits.

If you are a company just trying to test the waters.

The fact that twitter leaked it is interesting because now it is out there, and if they will -- if they withdraw their filing they don't have the benefit of the confidential filing.

It shows they are a little bit further down the road and perhaps confident they are actually going to move onward with this.

1a-1 days before the roadshow -- 21 days before the roadshow, i would think the roadshow will definitely be in the fall.

Very soon.

Thank you.

Ideal report -- deals reporter cristina alesci.

The confidential filing is raising questions with regulators.

They can thank the congress for the back of and is -- information, investors can thank congress.

Chief washington correspondent peter cook joins us with more on the jobs act.

They have to disclose more under this new law that was passed?

The law passed in april of 2012, bipartisan, signed and -- into law by the president was to allow just this -- the emerging growth companies, and twitter qualifies, allows them to file confidentially so they can fix any problems the sec has in private.

They can resolve some of the issues in private without the public way union.

This text has been automatically generated. It may not be 100% accurate.


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