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Facebook: Biggest IPO by Internet companies since 1999

 

        With Facebook considering the largest Internet IPO on record and regulatory filings showing that at least 14 other Web-related companies are planning sales, the industry may raise $11 billion next year,

 

 


Facebook is set to choose their lead investment bankers and Goldman Sachs/Morgan Stanley remain the front runners for now. Photo Credit: Techinsidr.com


According to data compiled by Bloomberg. That would be the most since $18.5 billion of IPOs in 1999, just before the dot-com bubble burst. Facebook Inc. and Yelp Inc. are set to lead the biggest year for U.S. initial public offerings by Internet companies since 1999, testing demand for IPOs after investors lost money on Zynga Inc. and Pandora Media Inc. With Facebook considering the largest Internet IPO on record and regulatory filings showing that at least 14 other Web-related companies are planning sales, the industry may raise $11 billion next year, according to data compiled by Bloomberg. That would be the most since $18.5 billion of IPOs in 1999, just before the dot-com bubble burst.


Testing demand for IPOs after investors lost money on Zynga Inc. and Pandora Media Inc. Photo Credit: Bloomberg.com


While surging sales growth may lure investors to Facebook, the biggest social-networking site, heightened stock volatility (VIX) and Europe's sovereign-debt crisis could temper the pace of global IPOs after a 38 percent decline in 2011. Even Internet companies may cut valuations for their offerings after Zynga, the largest developer of games for Facebook, and online-radio company Pandora slumped following share sales this year, according to researcher Morningstar Inc.

"Technology is still a place where you can get outperformance in terms of growth against a tepid market backdrop. You might see more IPOs emerge if we get resolution in Europe or stability that makes investors more comfortable with the overall market." said David Erickson, New York-based global co-head of equity capital markets at Barclays Plc.

- Gombug.Net

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Global Performance
IPOs raised $155.8 billion in 2011, compared with $252 billion a year earlier, and U.S. initial offerings generated $38.8 billion, about 10 percent less than in 2010, Bloomberg data show. In Asia, IPOs this year have raised $79.2 billion, less than half the $176.5 billion last year, Bloomberg data show. While funds raised in Europe rose for the year, they sank more than 95 percent since August from a year earlier after the worsening debt crisis and a cut to the U.S. credit rating sapped confidence in global markets.


Since its founding in 1935, Morgan Stanley is a market leader in securities, asset management and credit services. Photo Credit: Morganstanley.com

 


Morgan Stanley (MS) took the biggest share of both U.S. and global IPOs for the second year in a row after working on initial share sales by Glencore International Plc, HCA Holdings Inc. and Michael Kors Holdings Ltd. Pen Pendleton, a spokesman for New York-based Morgan Stanley, declined to comment. The bank also was the lead underwriter on Zynga and Pandora's IPOs.

"Investors will take a harder look at the numbers going forward and need to see strong revenue and profit growth. The stocks' declines following those public debuts may prompt greater scrutiny of valuations in 2012" said James Krapfel, an analyst at Morningstar in Chicago.

- Gombug.Net

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Bookings, an indication of deferred revenue, at Zynga have increased more slowly this year, suggesting the company's IPO price was too high, according to a Dec. 9 Morningstar report.

 

Zynga, Groupon
Zynga, which raised $1 billion in its IPO this month, has since fallen 2.5 percent after going public at a valuation three times that of rival Electronic Arts Inc., Oakland, California- based Pandora has plunged 36 percent since its June 14 IPO.

Facebook, based in Menlo Park, California, is examining a $10 billion offering that would value it at more than $100 billion, a person with knowledge of the matter said last month. Total sales at Facebook in 2012 may surge 52 percent to 62 percent from this year's projected $4.27 billion through increased ad revenue, according to Debra Aho Williamson, an analyst at EMarketer. Industrywide, the display ad market may surge 24 percent to $12.3 billion this year.

 

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