Facebook co-founder and CEO Mark Zuckerberg yesterday showed up to meet analysts and potential investors in New York as part of the company's initial public offering (IPO) roadshow. Today, he didn't show up for the Boston stop, where about 200 people were eagerly awaiting him, and no reason was given for his absence. Facebook COO Sheryl Sandberg fielded the questions.
She had a lot of time to so, since Facebook didn't play its 30-minute IPO video, according to Reuters. New Yorkers complained the video resulted in less time for questions, so Facebook scrapped it. Bostonians can see the video on their own time, as it's been available since last week when it was released along with the IPO prospectus
Investors in New York were likely relieved to see Zuckerberg, but their counterparts in Boston are likely very angry, though probably not too surprised. That's because the young man has been very dismissive of the IPO process (Zuckerberg skips Facebook analyst meeting (rumor) and Wall Street whines as Zuckerberg skips out on Facebook investors).
Zuckerberg will personally sell 30.2 million shares for the IPO. Despite this, he will still control the majority of the company: 57.3 percent of voting shares after the IPO.
Last week, Facebook set a $28 to $35 IPO price range, but many expect Facebook will raise its offer price-range as the roadshow progresses. Tensions are running high in the meantime.
The first rumor said Facebook will go public in the third week of May: the days of 14, 15, 16, 17, or 18. A second rumor narrowed it down to just two days: May 17 or May 24, claiming the choice will come down to how smoothly the Instagram acquisition goes. A third rumor said May 17, 2012 is the likely candidate. All three warned, however, that anything can still happen, and a fourth one said everything has been pushed back to June, but this is now extremely unlikely.
The most recent rumor says next Friday is the big day. Shares are expected to be priced on May 17, with trading beginning on May 18.
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