Facebook plans to hold an additional briefing for analysts and bankers next month to discuss in-depth financial information. This is because Monday's meeting at the company's headquarters in Menlo Park featured no talk of future financials, according to people familiar with the matter cited by CNBC.
Facebook CFO David Ebersman led the meeting earlier this week, along with Facebook COO Sheryl Sandberg. Facebook Vice President and General Counsel Theodore Ullyot, Facebook Vice President of Engineering Mike Schroepfer, and Facebook Vice President of Product Chris Cox were also reportedly present.
Facebook co-founder and CEO Mark Zuckerberg, however, was not. The consensus appears to be that Zuckerberg prefers to focus his time on developing the service rather than discussing the company's $5 billion initial public offering (IPO) with analysts. Zuckerberg probably won't show up for April's meeting either, though as I've said before, he will likely end up playing some sort of role in selling the company's shares to investors.
Facebook originally started with six major banks as its underwriters: when the company released all its IPO numbers last month, Morgan Stanley received the coveted lead left role. "Lead left" refers to where the top underwriter's name appears on the IPO prospectus. Also on the initial list of bookrunners on the deal were J.P. Morgan, Goldman Sachs, Bank of America Merrill Lynch, Barclays Capital, and Allen & Company.
Two weeks ago, Facebook doubled its credit facility to $5 billion, secured a $3 billion bridge loan, and added 25 more underwriters to its IPO filing. This brought the total number of banks to 31.
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