Tags: Facebook | IPO | List | Nasdaq

Facebook IPO Said to List on Nasdaq

Thursday, 05 Apr 2012 02:12 PM

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Facebook, which is preparing for its highly anticipated initial public offering, will list its shares on the Nasdaq, CNBC and The New York Times reported.

The social network will list its shares under ticker symbol “FB,” people familiar with the matter, said.

It’s a significant coup for the exchange, which has been embroiled in a fierce battle with the New York Stock Exchange for the darlings of Silicon Valley, The New York Times reported.

Big technology companies, like Apple and Google, have traditionally flocked to the Nasdaq. But the NYSE has aggressively courted the new crop of Internet companies over the past year, nabbing notable technology offerings like LinkedIn and Pandora Media, the Times reported.

Because both exchanges’ listing fees are relatively nominal for companies with billions in revenue like Facebook, the decision was seen by many observers as a choice of branding and image, CNBC reported

Meanwhile, Facebook’s market value topped $100 billion in its final trade last week on the secondary markets before the initial public stock offering planned for next month.

The Los Angeles Times reported that’s more than 25 times 2011 revenues.
Two analysts — Lou Kerner, who runs a fund that invests in social media companies; and Bo Brukstern, founder and managing director of Arcstone Partners — are bullish on Facebook and say $100 billion is actually too low, The Los Angeles Times reported.

Brukstern estimated that Facebook’s pre-IPO value is $133 billion and its equity value is $137 billion. He expects the company’s revenue to hit $6.7 billion with $1.85 billion in net income in 2012, and $11.2 billion in revenue and $3 billion in net income in 2013, The Los Angeles Times reported.

He estimates that Facebook shares should be worth about $56 apiece, not the $44.10 they traded in the final secondary auction, The Los Angeles Times reported.

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