Facebook selects Morgan Stanley for IPO: report.

Morgan StanleySan Francisco: The world’s largest social-networking service, Facebook Inc selects Morgan Stanley (MS) to take the escort on its planned initial (public offering IPO), the sources said.

Facebook will file plans with a supervisor tomorrow to lift up $5 billion, though the amount may rise, the reports said. Goldman Sachs Group Inc (GS), JPMorgan Chase & Co (JPM), Barclays Plc (BARC) and Bank of America Corp (BAC) will assist to manage the sale, sources said.

Getting chosen for the IPO is a revolution for Morgan Stanley and Michael Grimes, the global co-head of the bank’s technology investment banking unit. The securities firm triumph the biggest share of business endorsing US initial offers by Internet companies last year, the sources said.

Taking the lead on Facebook may propel the New York-based bank to the top of the US IPO league table for a third-year  running.

“This means a huge windfall for them,” said Jack Ablin, who assists oversee $55 billion as a chief investment officer for Chicago-based Harris Private Bank.

He said that “The fact that they have led so many high-profile social media deals in the last year is proof positive that Morgan Stanley is most likely to be able to get this deal done.”

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