Facebook IPO reportedly kicked off with meeting

Correction: An earlier version of this article incorrectly said the meeting was ‘secret’ and that it took place Tuesday. This version has been corrected.

Facebook’s initial public offering is one of the most anticipated events on Wall Street this year. As Kayla Tausche from CNBC reports, a meeting Monday may have gotten the ball rolling on the social network’s trading debut.

Tausche reports that a gathering at the company’s headquarters was “run-of-the-mill” in many ways, but she notes one key difference: Usually, a firm will hold two separate engagements, one for research analysts and one for the bankers underwriting the IPO. Facebook, however, rolled these events into one by inviting both groups to Menlo Park, Calif.. Tausche reports that despite the unique set-up, the analysts and the bankers weren’t allowed to talk to one other for legal reasons.

What types of questions might analysts have put to Facebook execs during the meeting? Tausche says that they likely asked whether the Securities and Exchange Commission raised any red flags based on the company’s prospectus filing. She reports that the SEC wants a “more detailed breakdown of their revenue stream” and more information on how the company determined the size of its user base.

At least one key Facebook executive may have skipped the meeting, according to the Wall Street Journal. Their report says that chief executive Mark Zuckerberg didn’t attend. The company’s chief financial officer reportedly explained that Zuckerberg “preferred to focus his time on developing the service.”

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Sarah Halzack is a reporter and Web editor for Capital Business. She covers the local job market and the business of talent and hiring. She occasionally writes for other sections at the Post, most frequently in the form of dance reviews, dance features, book reviews and obituaries.
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