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Friday, 9 March 2012 - Facebook adds women, minority-owned banks for IPO |
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Anthony De Rosa goes through all the new features, which include a retina display, 4G LTE capabilities, a faster processor and a better camera.  Video  Apple unveils newest iPad Follow Reuters Facebook Twitter RSS YouTube Read Israel asks U.S. for arms that could aid Iran strike 08 Mar 2012 U.S. adds Vatican to money-laundering 'concern' list 08 Mar 2012 Greece averts immediate default with bond success | 2:49am EST Two dead, including gunman, in shooting at Pittsburgh hospital 12:10am EST California man arrested in killing of girlfriend with cannon 06 Mar 2012 Discussed 158 Obama warns against ”loose talk” of war on Iran 105 Three Occupy Oakland protesters charged with hate crimes 83 Obama mulls giving Moscow data on missile defense Watched Should you sell your iPad 2 for a new iPad? - Tech Tonic Wed, Mar 7 2012 U.S. Navy kicks off rail gun tests with a bang Tue, Feb 28 2012 Israeli device takes the thirst out of war zones Mon, Mar 5 2012 Facebook adds women, minority-owned banks for IPO Tweet Share this Email Print Related News Guitar-maker Fender Musical files for IPO Thu, Mar 8 2012 CORRECTED-UPDATE 2-Vantiv IPO seen valuing co at about $3.6 bln Thu, Mar 8 2012 Yelp soars in market debut on Facebook optimism Fri, Mar 2 2012 Facebook adding banks for IPO: sources Fri, Mar 2 2012 Exclusive: Facebook seeking bigger credit line Fri, Mar 2 2012 Analysis & Opinion A mother’s sacrifice Felix Salmon smackdown watch, banking-conflicts edition Related Topics Tech » Media » Facebook » Israeli President Shimon Peres (R) poses with Facebook CEO Mark Zuckerberg at the company's headquarters in Menlo Park, California, in this handout photo released to Reuters by the Office of the President March 6, 2012. Credit: Reuters/Moshe Milner/Office of President Peres/Handout (UNITED STATES - Tags: POLITICS SCIENCE TECHNOLOGY BUSINESS) FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS By Olivia Oran Thu Mar 8, 2012 4:45pm EST (Reuters) - Facebook Inc added several women- and minority-owned investment banks to the roster of underwriters for its initial public offering, following in the footsteps of General Motors Co and Goldman Sachs Group Inc, which did the same during their own offerings. 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. "Wall Street tries to do what looks good on high-profile IPOs, and it will not go unnoticed that Facebook has chosen to bring in minority underwriters," said Scott Sweet, senior managing partner at IPO Boutique. "It's not going to make or break the deal, but it will show that they're not nonchalant about the opportunities that smaller firms can offer distribution-wise." Facebook did not respond to a request for comment. 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. In Facebook and other IPOs, these firms are only getting joint bookrunner positions, with the large Wall Street banks taking the lead spots. 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. Goldman Sachs also gave boutique firms Utendahl Capital Partners and Muriel Siebert & Co a more lucrative position in its IPO after discussions with civil rights activist Rev. Jesse Jackson, according to a 1999 report from the Associated Press. Jackson had been pushing for minority businesses to have more of a presence on Wall Street. Goldman declined to comment. (Reporting By Olivia Oran) Tech Media Facebook Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. 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