When it comes to Facebook, founder Mark Zuckerberg marches to the beat of his own drum. And that apparently goes for his company’s IPO.
The Wall Street Journal tonight reports that Facebook is aiming for an IPO in the second quarter of next year that could fetch about $10 billion, which would be one of the largest offerings ever.
But what stuck out to us in the story–besides the timing, offering size and possible $100 billion valuation–is that Facebook has already drawn up the IPO docs without the help of bankers and lawyers who typically drool all over an offering of this magnitude. According to WSJ’s Shayndi Raice:
Facebook has gone so far as to craft its own prospectus, said the people familiar with the matter. A prospectus document—which is filed with the SEC outlining the company’s business—is typically prepared by bankers and lawyers hired by a company.
Facebook Chief Financial Officer David Ebersman has been leading the company’s talks with Silicon Valley bankers about an IPO, said people familiar with the matter.
Bankers are aggressively pursuing the company, but Facebook remains elusive about a commitment to specific banks, even though an IPO looms. Mr. Ebersman told some bankers that he is skeptical over what contribution investment banks could make to a Facebook IPO, since the company is so highly sought after by major investors, said people familiar with the matter.