Social network giant Facebook has apparently selected Morgan Stanley to lead their IPO (Initial Public Offering), according to a quartet of (obviously unnamed) sources who are familiar with the internal situation. Facebook will go ahead to file their plans with regulators today in an effort to raise an estimated $5 billion, although it is not too far off the mark to say that the final amount might actually increase.
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Facebook too, has selected FB as its stock symbol, and executives at Morgan Stanley who are part of the IPO stand to receive a windfall, considering the company will earn a generous slice of the fees collected by securities firms for their role in arranging the IPO. Other banks, including Goldman Sachs (GS) and JPMorgan Chase (JPM) and Bank of America (BAC) will also get a piece of the pie, but it appears that MS will get the largest piece.