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????今天，Facebook提交了首次公開募股申請，從而為所有投資者入股這一世界最大的社交網絡公司鋪平了道路。主要細節如下： ????募股規模：Facebook聲稱計劃融資50億美元。部分批評人士認為，按先前媒體報道的100億美元來看，這是Facebook雄心的一個重大倒退。請注意兩點：（1）這些早期的報道可能有誤，而且Facebook從來沒有正式就募股規模給出過類似的數字，因此聲稱它調整了目標數字本來就是荒謬的。（2）S-1文件（招股書）上面的募股數量往往比其他數據更為靠譜。例如，當初外界預計凱雷集團（Carlyle Group）將融資數十億美元，然而該公司最終只申請融資1億美元。 ????估值情況：公司一般很少在S-1申請中透露預期股價的細節，Facebook也不例外。有報道稱這家公司的估值將在750億-1,000億美元之間，但是要等到它補充申請后才能明確。 ????財務狀況：Facebook 2011年的營業收入達37.1億美元，凈收入為10億美元。這與我們先前從小道得到的財務信息一致。換句話來說，它并沒拿出像谷歌（Google）那樣令人吃驚的數字。這家公司還透露，2011年底，公司擁有的現金達到了39億美元。 ????股東構成：馬克?扎克伯格是Facebook最大的單一股東，而且控制了投票權。其他的大股東還包括風投機構加速合伙公司（Accel Partners），DST集團，T. Rowe Price基金公司和高盛（Goldman Sachs）。 ????銀行：不出所料，摩根斯坦利（Morgan Stanley）搶到了令人垂涎的“主演”角色。摩根大通（J.P. Morgan）和高盛也拿到了主要的票據業務。而美國銀行美林公司（BoA Merrill Lynch），巴克萊銀行（Barclays Capital）和艾倫公司（Allen & Co.）則組成了承銷辛迪加。 ????致潛在股東的信：自谷歌開始，致信便成了所有重大技術公司首次公開募股的慣例，Facebook的首席執行官也因此為潛在的股東簽發了信件。最重要的一句話就是：“我們打造服務的目的不是為了賺錢；而我們賺錢的目的是為了打造更好的服務?！?/p> ????上市信息：Facebook的交易代碼為FB，但尚不清楚它將選擇在紐約證券交易所（NYSE）還是納斯達克（NASDAQ）上市。 ????紅利：扎克伯格去年的底薪為50萬美元。他去年拿到的紅利共計約150萬美元。首席運營官謝麗爾?桑德伯格和首席財務官大衛?俄博斯曼的底薪均為30萬美元，但是紅利卻分別達到了3,080萬美元和1,870萬美元。 ????股東變現：我真的希望文件中能體現到目前為止包括扎克伯格在內的內部人員已經拿走了多少錢。但是運氣不佳。上面提到了摩根斯坦利曾于2010年和2011年購買了一些內部人員的股票，但未標明具體明細。這與社交游戲巨子Zynga公司和團購網站Groupon公司截然相反，這兩家公司都在文件中明確注明了出售股份的數額和賣方。盡管如此，加速合伙公司和達斯汀?莫斯科維茨（Facebook聯合創始人之一，現已離開——譯注）都曾經在二級市場銷售過Facebook的股票。有消息渠道稱（我強調，僅有一個消息渠道），扎克伯格從來沒有在二級市場銷售過股份。 |
????Facebook this afternoon filed for an initial public offering that paves the way for all investors to own stock in the world's largest social network. Here are the top-line details: ????Offering size: Facebook says it plans to raise $5 billion. Some pundits have suggested this is a major decrease in Facebook's ambitions, due to earlier press reports that the company would seek $10 billion. Two points: (1) Those original reports may have been wrong, and it's absurd to say a company resized something it had never officially sized in the first place. (2) Offering amounts on S-1 documents sometimes are more placeholders than anything else. For example, The Carlyle Group is expected to raise billions -- but filed to raise just $100 million. ????Valuation: Companies rarely disclose anticipated share price details in S-1 filings, and Facebook is no different. Reports are that the company will seek a valuation of between $75 billion and $100 billion, but we have no idea until it amends its filing. ????Financials: Facebook reports $3.71 billion in 2011 revenue, and $1 billion in net income. This is in line with what we'd previously learned from leaked financials. In other words, no Google surprise. The company also reports around $3.9 billion of cash on hand at the end of 2011. ????Shareholders: Mark Zuckerberg is Facebook's largest single shareholder, and also controls the voting rights. Other major holders include Accel Partners, DST Group, T. Rowe Price and Goldman Sachs. ????Banks: As expected, Morgan Stanley (MS) got the coveted "lead left" position. J.P. Morgan and Goldman Sachs (GS) also got top-line billing, while BoA Merrill Lynch (BAC), Barclays Capital and Allen & Co. filled out the underwriting syndicate. ????The letter: As is customary with every major tech IPO since Google (GOOG), Facebook includes a letter to prospective shareholders from its CEO. Perhaps the most important line: "We don't build services to make money; we make money to build better services." ????Listing: Facebook will trade under ticker symbol FB. No decision yet on NYSE or NASDAQ. ????Compensation: Zuckerberg made a base salary last year of $500,000. His total compensation for last year was around $1.5 million. COO Sheryl Sandberg and CFO David Ebersman each pulled down $300,000 in base salary, but $30.8 million and $18.7 million, respectively, in total comp. ????Shareholder Liquidity: I was really hoping that this filing would let us know how much money insiders, including Zuckerberg, have taken off the table so far. No such luck. There is mention of Morgan Stanley buying some insider shares in 2010 and 2011, but no specifics. This is in stark contrast to the Zynga (ZNGA) and Groupon (GRPN) registration docs, which explicitly spelled out how much had been sold and by whom. That said, we know that Accel Partners and Dustin Moskovitz have both sold Facebook shares on the secondary market. One source (and I stress, it is only one source) says that Zuckerberg never sold shares on the secondary market. |
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