Facebook CEO Mark Zuckerberg dressed down in a t-shirt, jeans, and hoodie during the New York road show presentation.
May 8, 2012 5:30pm EST – PrivCo has obtained exclusive access to the Facebook (PrivCo Private Company Ticker: FACEP) IPO Roadshow schedule with commentary covering Facebook's first two stops in New York and Boston.
May 7: New York
NY Group Lunch: 11:45am EST/ Sheraton New York (53rd & Seventh Avenue)
PrivCo Commentary: "Attendees were frustrated that no live presentation was provided, as Facebook simply dimmed the lights and played its 30-minute IPO road show video, which was scant on details, but heavy on production value with a music soundtrack, and Mark Zuckerberg and Chris Cox (early employee and VP of Product) discussing Facebook's early history and mission," said Sam Hamadeh, PrivCo Founder & CEO.
"Attendees were also frustrated that so much of the limited time (the event was scheduled to end no later than 2pm EST) was allotted to screening the video. Fewer than 10 questions were asked before the time expired. CEO Mark Zuckerberg went casual wearing a t-shirt, jeans, and hoodie, while CFO David Ebersman wore full suit and tie, and COO Sheryl Sandberg wore a business suit. Some investors were told last minute to attend the Boston event as New York had reached capacity," explained Hamadeh.
May 8: Boston
Boston Breakfast: 7:15am EST/ The Four Seasons Hotel (Boylston Street)
PrivCo Commentary: "Mark Zuckerberg did not attend what the Facebook deal team viewed as a 'second tier' stop. The Boston stop was out of consideration for Boston based mutual fund giants Fidelity (PrivCo Ticker: FIDLP), State Street (NYSE: STT), and Wellington Capital Management (PrivCo Ticker: WELLP), as they control hundreds of mutual funds, and their heavy participation is necessary to move such an unprecedented amount of IPO stock,” said PrivCo's Hamadeh.
"Investors were disappointed that Zuckerberg did not attend. Facebook listened to the criticism about the Facebook road show video taking so much time, and dropped its screening from the Boston road show appearance," explained Hamadeh.
May 9: Mid-Atlantic Stops: Philadelphia and Baltimore
PrivCo Commentary: "Key investors here are Vanguard Group (PrivCo Ticker: THEVP), based in Wayne, PA, and T. Rowe Price (NASDAQ: TROW), based in Baltimore, Maryland. T. Rowe Price, in particular its Science & Technology Fund, has been a major investor in private shares of Facebook, Groupon (NASDAQ: GRPN), and Zynga (NASDAQ: ZNGA) via secondary markets and privately arranged placements and holds a substantial amount of Facebook stock. Thus, this Baltimore stop is considered a necessary bow to T. Rowe in particular, whose funds are already a major shareholder,” explained Hamadeh.
“Mark Zuckerberg will not be attending, leaving the presentations to Sandberg and Ebersman. The screening of Facebook's IPO road show video is expected to be dropped from all subsequent presentations,” says Hamadeh.
May 10: New York Second Visit
Location to be announced to invitees privately on May 9.
"Mark Zuckerberg will not be attending, leaving the presentations to Sandberg and Ebersman," says PrivCo's Hamadeh.
May 11: Menlo Park
Menlo Park Group Lunch:12pm PT/ Crowne Plaza, Palo Alto
Mark Zuckerberg will be attending.
May 14: Chicago
Location to be announced to invitees privately on May 13.
Mark Zuckerberg will not be attending.
May 15: Kansas City
Breakfast (Location to be announced to invitees privately on May 14).
"Mark Zuckerberg will not be attending, leaving the presentations to Sandberg and Ebersman," says PrivCo's Hamadeh.
May 15: Denver
Lunch (Location to be announced to invitees privately on May 14).
"Mark Zuckerberg will not be attending, leaving the presentations to Sandberg and Ebersman," says PrivCo's Hamadeh.
May 16: Menlo Park
(Location to be announced to invitees privately on May 15)
May 17: Menlo Park
Final morning of investor conference calls and meetings at the Facebook headquarters - IPO will price at approximately 5pm EST.
May 18: New York
NASDAQ opening bell and media appearances from NASDAQ (NASDAQ: NDAQ) MarketSite in Times Square
"PrivCo has confirmed with deal team sources that there is an '80-20 likelihood' Mark Zuckerberg will personally ring the NASDAQ bell for the open of Facebook stock trading under ticker FB on the NASDAQ market,” says PrivCo’s Hamadeh.
