When: Today, Friday, May 11, 2012
Where: CNBC’s “Squawk on the Street”
Following is breaking news from CNBC’s Kayla Tausche on “Squawk on the Street” (M-F, 9AM-12PM ET). All references must be sourced to CNBC.
For CNBC’s continued Facebook IPO coverage visit, facebookipo.cnbc.com.
TAUSCHE: HI CARL. A LOT OF MYTHS OUT THERE ABOUT THE DEMAND FOR FACEBOOK’S IPO WHICH I AM TOLD BY SOURCES IS ALREADY MANY, MANY TIMES OVER SUBSCRIBED AND THAT’S JUST WITH INSTITUTIONAL ORDERS THAT HAVE COME IN THUS FAR FROM THE COMPANIES FOUR DAYS ON THE ROAD. NOW THIS OVER SUBSCRIPTION IS NOT INCLUDING WHAT WILL LIKELY BE WHAT ONE SOURCED CALLED A “STANDARD RETAIL ALLOCATION” OF AROUND 10 TO 20 PERCENT. NOW FACEBOOK HAS A WIDE SEVEN DOLLAR RANGE – 28 TO 35 DOLLARS A SHARE. THAT WILL BE UPDATED BEFORE THE ORDER BOOK CLOSES NEXT WEDNESDAY I AM TOLD. AND FINAL DECISIONS ON THAT PRICE RANGE LIKELY TO COME MONDAY OR TUESDAY AS DEMAND FROM WEST COAST INVESTORS IS ASSESSED. BUT THAT UPDATE I UNDERSTAND COULD INCLUDE RAISING THE CURRENT PRICE RANGE AND THAT’S A MOVE THAT COULD COME AS EARLY AS TUESDAY. NOW OF COURSE, ANY CHANGES OF MORE THAN 20 PERCENT OF THE CURRENT RANGE WOULD NEED TO BE FILED WITH THE SEC BEFORE THAT ORDER BOOK CLOSES ON WEDNESDAY SO WE WILL KEEP YOU UPDATED THROUGH OUT NEXT WEEK. WE WILL ALSO HAVE A LITTLE BIT MORE FROM JULIA BOORSTIN FROM PALO ALTO. BUT I SHOULD NOTE THAT SOURCES DID CAUTION THAT PRICING AND DEMAND REMAINS EXTREMELY FLUID. THE COMPANY CONTINUES IT’S CROSS COUNTRY ROADSHOW TO GAUGE THAT FULL PICTURE OF DEMAND. COULD ALWAYS CHANGE BUT AS OF RIGHT NOW, CHANGES NEXT WEEK COULD INCLUDE RAISING THAT PRICE RANGE.
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