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Facebook adds women, minority-owned banks for IPO
The No. 1 online social media network, which filed an amended IPO registration statement with the U.S. Securities and Exchange Commission on Wednesday, has hired 31 banks as underwriters for its $5 billion IPO, expected to value the company at up to $100 billion
Among the women- and minority-owned firms included in the deal are New York-based banks CastleOak Securities, Williams Capital Group and M.R. Beal & Co, and Chicago-based Loop Capital Markets.
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The addition of these firms comes after Facebook was criticized by the California State Teachers’ Retirement System for not including women on its board of directors. CalSTRS, the second largest pension fund in the United States, holds some ownership in Facebook and expects to be a public shareholder.
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Women- and minority-owned investment banks have been underwriting more equity deals in recent years. They helped underwrite 20 IPOs in 2011 that raised $1.5 billion, almost double the amount raised in 2007, according to data from Thomson Reuters.
In 2010 Congresswoman Maxine Waters, a Democrat from California, spoke out against General Motors’ decision not to include any underwriters from minority- or women-owned financial institutions. The Detroit automaker eventually added a handful of these banks as underwriters.
https:// www.reuters.com/article/us-facebook-ipo/facebook-adds-women-minority-owned-banks-for-ipo-idUSBRE8271A920120308
Facebook sets IPO share price at $38: $104 billion valuation
www. zdnet.com/article/facebook-sets-ipo-share-price-at-38-104-billion-valuation/
Facebook Inc (FB) a Buy Despite Recent Troubles: Loop Capital Markets
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Facebook has taken steps to re-adjust its ad measurement metrics and has also launched an initiative to fight the spread of fake news on its platform. The company has been heavily targeted by criticism that it affected the US elections.
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Loop Capital Markets reiterate their Buy rating
http:// smartstocknews.com/29106-facebook-inc-fb-a-buy-despite-recent-troubles-loop-capital-markets/
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