The world’s largest social networking site Facebook back on Wednesday, February 1st had taken the breadth away of many at the time when it files its Initial Public Offering papers with SEC – now after a month and a half later, moving a step further on its IPO journey, the social giant has summoned research analysts from Wall Street banks for a pre-roadshow briefing to discuss the finer points of its business and book at its Menlo Park headquarters early next week. Called a “due diligence meeting”, such pre-roadshow pow-wows are standard fare for future debutantes.
Big news is that analysts from most banks helping underwrite the offering have been invited to the meeting, scheduled for Monday. The company reportedly seeks 25 more banks to underwrite its Initial Public Offering. The social network giant states that it had secured two new credit facilities, one of which will help the company satisfy hefty tax withholding obligations and remittances related to employees’ stock units.
The banks namely Deutsche Bank, Credit Suisse and Citigroup are among the banks that will likely be added, increasing the number of underwrites on the deal to 31. Among the two dozen new banks getting a piece of the Facebook IPO were several smaller firms, including Oppenheimer & Co, Pacific Crest Securities and Cowen and Co.