GO
Loading...

BREAKING NEWS FROM CNBC’S KATE KELLY: FACEBOOK EYEING IPO DATES OF EITHER MAY 17 OR MAY 24 – SOURCE

WHEN: Today, Tuesday, April 10, 2012

WHERE: CNBC’s “Fast Money Halftime Report

Following is the unofficial transcript of breaking news from CNBC’s Kate Kelly. All references must be sourced to CNBC.

Video: Breaking News: Facebook's Road Show

KATE KELLY: WE FINALLY GOT SOME DETAILS ON THE TIME FRAME OF THE MUCH EXPECTED FACEBOOK IPO. IT LOOKS LIKE THE LAUNCH DATE FOR THE ROADSHOW WILL EITHER BE MAY 7TH OR MAY 14TH AND THAT MEANS THE TRADING COULD OCCUR AS EARLY AS MAY 16TH OR 17TH, SO PUT THOSE IN YOUR CALENDAR ON RED. PLAN A IS TO LAUNCH THE DEAL I.E. START TRADING IT ON MAY 16TH OR 17TH. PLAN B WOULD BE TO GO ON THE 24TH WHICH IS A THURSDAY, PRICE THAT NIGHT AND START TRADING THE FOLLOWING DAY. THE REASON FOR THIS IS MANY FOLD. FIRST OF ALL, THE COMPANY IS COMMITTED TO GOING PUBLIC BEFORE MEMORIAL DAY, WHICH IS THE 28TH, YOU DON’T WANT TO HAVE A DEAL ON A HOLIDAY WEEK WHEN THE MARKET IS A LITTLE THINNER THAN USUAL, BECAUSE PEOPLE ARE ON VACATION. SO IN ORDER TO HAVE A ROADSHOW WHICH IS TYPICALLY TWO WEEKS, THEY REALLY NEED TO GO NO LATER THAN MONDAY, MAY 14TH AND HIT THE ROAD AND START MAKING PRESENTATIONS TO INVESTORS. I’M TOLD THAT THE PHILOSOPHY HERE IS A LITTLE BIT OF LESS IS MORE, INSTEAD OF A FULL TWO WEEKS THEY MAY END UP GOING 10, 11 DAY S. THEY HAVEN’T ENTIRELY RULED OUT GOING OVERSEAS, BUT THERE IS A GOOD CHANCE THAT MOST IF NOT ALL OF THE ROADSHOW MEETINGS WILL BE ON THE DOMESTIC SIDE, NOT GOING TO LONDON, NOT GOING TO HONG KONG. AND THERE IS A LITTLE BIT OF A DISCUSSION GOING ON, MAYBE EVEN SOME TENSION WITH BANKERS OVER THAT LATTER POINT. BANKERS OF COURSE WANT FACEBOOK TO SPEND AS MUCH TIME AS POSSIBLE ON THE ROAD. AFTER ALL, THE SPECULATION IS THAT THEY WANT TO SELL ABOUT 10 BILLION DOLLARS WORTH OF STOCK AND THE BANKERS WOULD LIKE TO SEE THEM MEET WITH AS MANY INVESTORS IN AS MANY OF THEIR HOMETOWNS FACE-TO-FACE AS POSSIBLE TO DEVELOP AS MUCH OF A GOOD WILL REPORE AND AS MUCH SUPPORT FOR THE BOOK AS THEY POSSIBLY CAN, SCOTT. SO THERE ARE A NUMBER OF MOVING PIECES HERE INCLUDING WHEN WILL THE SEC SIGN OFF ON THE PAPERWORK. DOES YESTERDAY’S SURPRISE INSTAGRAM DEAL CREATE ANY ADDITIONAL QUESTIONS OR ISSUES WITH THE SEC ESPECIALLY, WHICH IS WHY THEY HAVE THE TWO TIME FRAMES. BUT RIGHT NOW, THEY ARE TARGETING TO START SELLING THE DEAL OFFICIALLY ON MONDAY, MAY 7TH.

About CNBC:

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD+, CNBC is the recognized world leader in business news providing real-time data, analysis and information to more than 390 million homes worldwide. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m.- 8:00 p.m.) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC.com and CNBC Mobile Web (mobile.cnbc.com) offer real-time stock quotes, charts, analysis and on-demand video.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/