WHEN: TODAY, FRIDAY, JULY 8, 2011
WHERE: CNBC'S "THE STRATEGY SESSION" AT 12PM ET
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
DAVID FABER: IF THERE IS AN IPO IN WAITING CHANCES ARE OUR KATE KELLY KNOWS WHO HAS THE LEAD UNDERWRITER POSITION BEFORE EVEN THE BANKERS WHO HAVE BEEN SELECTED THATS JUST HOW GOOD SHE IS AND SHE JOINS US NOW WITH ANOTHER BIG SOCIAL MEDIA COMPANY LINING UP ITS UNDERWRITERS FOR ANOTHER BIG IPO KATE
KATE KELLY: THANKS SO MUCH DAVID LIVINGSOCIAL THE NUMBER 2 COMPETITOR TO THE GROUP DISCOUNT WEBSITE GROUPON HAS SELECTED THE LEAD UNDERWRITERS FOR A PLANNED INITIAL PUBLIC OFFERING IM TOLD AMONG THEM JP MORGAN BANK OF AMERICA AND DEUTSCHE BANK ALTHOUGH THE INITIAL PAPERWORK HASNT YET BEEN FILED THE DC BASED COMPANY HAS BEEN EXPLORING AN IPO THAT COULD BE SIZED AT ABOUT A BILLION DOLLARS AND HAS AN IMPLIED VALUATION OF BETWEEN 10 BILLION AND 15 BILLION DOLLARS ANOTHER LARGE ONE POTENTIALLY IN THE OFFING IN TERMS OF THE BANKER LINEUP YOU'LL NOTICE THAT 3 NAMES ARE CONSPICUOUSLY ABSENT FROM THAT LIST MORGAN STANLEY GOLDMAN SACHS AND CREDIT SUISSE THATS NO COINCIDENCE I HEAR BECAUSE THOSE 3 FIRMS ARE LEADING THE GROUPON IPO A DEAL REGISTERED WITH THE SEC EARLY LAST MONTH THAT IS EXPECTED TO BE AT LEAST 750 MILLION DOLLARS IN SIZE ALTHOUGH THERE WILL LIKELY BE SOME OVERLAP BETWEEN THE BANKING TEAMS ON THE 2 DEALS FOR EXAMPLE JP MORGAN AND BOFA ARE EXPECTED TO BE INVOLVED IN GROUPON IN MORE SUBORDINATE ROLES AND THEIR ALSO ON LIVINGSOCIAL FROM WHAT I UNDERSTAND THOSE CALLING THE SHOTS FOR GROUPON AND LIVINGSOCIAL WHICH COULD POTENTIALLY BOTH COME TO MARKET THIS FALL DAVID ARE LIKELY TO BE SEPARATE.
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