Wealthy investors are clamoring to do a piece of Facebook Inc. 's initial public offering, as some of its own stock through private transactions on the others shy away from risky technology, according to advisers.
"It's kind of late arrivals who get excited all the time the IPO," said Jason Thomas, chief investment officer Aspiriant, whose clients have an average of about $ 10 million under the leadership of the Los Angeles-based company. "Our customers very well remember the tech bubble and the last to be appropriately skeptical about the money in."
Facebook, the world's largest social networking service, presented yesterday to raise as much as $ 5 billion, the largest Internet IPO. Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., Barclays Plc and Allen & Co. was hired to deal with deal with Menlo Park, California-based company. $ 5 billion placeholder to calculate fees and is subject to change.
Based on recent IPO investors who can buy from the offer price, if it is set below the average could see a return, as they try to buy and hold. They may face a large tax bite if they sell the property in run-up in share price.
Ed Reinhart, 41, is about 5 percent to 10 percent of his personal portfolio in 2010 through buying shares of Facebook Inc. SharesPost private company after the stock market. He said that he likes the prospects for corporate earnings growth and are looking to increase its position in the original bid.
Buying the Hype
"You do not want to buy into the hype," said Reinhart, who lives in Yakima, Washington, and is managing partner of Capital Advisors Wealth Management, which works in the institutional retirement plans. "I think it would be a lot of sense for individual investors to stay back a bit and let the steam escape, and see where it all shakes out."
SharesPost Holdings Inc. and the second market to facilitate transactions of private accredited investors in the company's stock. This generally means the individual assets greater than $ 1 million, excluding primary residence, or who earn more than $ 200,000 a year. Facebook shares offered SharesPost transactions from 2009.
Private investors holding the stock during the IPO, the company generally is not allowed to sell its interest in a limited time after the tender, usually as long as 180 days, according to CEO Tim Sullivan SharesPost.
Venture capital firms
Goldman Sachs has suspended the planned offering in January 2011, Facebook shares the U.S. concern for investors, the media attention to the deal could violate some rules that limit private securities marketing. Instead, Goldman Sachs, the limited offer of non-US investors, raising $ 1500000000 Facebook to customers through Goldman Sachs and money with Digital Sky Technologies.
Some customers of Constellation Wealth Advisors, LLC, a venture capital fund has invested in Facebook, or follow the market, said David Arizini, CEO and a partner company in Menlo Park, California, whose investors are generally less than $ 10 million in investable assets.
Signature, which oversees about $ 2.1 billion for families, has invested in private equity and hedge funds, which is owned by Facebook just a few years, said Andrew Gorczyk, a portfolio manager in Norfolk, Virginia-based company. He declined to name specific companies or funds.
Most customers have not expressed interest in Facebook, said John Jennings, Senior Vice President of the St. Louis Trust Co., the multi-family office located in St. Louis, which oversees about $ 3 billion customers an average of $ 75 million in management.
"Fast Buck"
"It's more exciting than having another muni bonds in your portfolio," said Jennings. "But how do we invest, we're not going to load up on Facebook and try to make a quick buck."
While some companies go public and do very well, "the odds are against you", as some companies start trading with a high price point and then fell or not, said Scott Schermerhorn, chief investment officer Granite Investment Advisors in Concord, New Hampshire, which manages about $ 500 million.
Groupon Inc. shares received about 31 percent of their first day of trading after the company's IPO in November and have since fallen to about 22 percent from 31 January based on data from Bloomberg.
Stocks of companies in the U.S. IPO will take place in 2011 lost an average of about 1.1 percent of its offerings to 30 January based on data from Bloomberg. Standard & Poor's 500 Index returned about 5.1 percent by 30 years January, including reinvestment of dividends.
Google shares
Google Inc. shares jumped 18 percent in its first day of trading after the company went public in August 2004 and has risen by more than 500 percent since Bloomberg data show.
Many investors may already be in contact with Facebook, even if they do not consciously acquired shares in the secondary market or the private fund. About 50 mutual funds the company has announced the stakes with the Chicago-based Morningstar Inc.
Funds managed by T. Rowe Price Group Inc., was about $ 408 million at the end of December, Facebook, according to spokesman Robert Benjamin. Morgan Stanley Institutional Fund Opportunity Portfolio was approximately 3.7 percent of assets as of December Facebook, so it's ninth largest fund holding, according to Morgan Stanley's website.
Asking Shares
Fidelity Contrafund held about $ 87 million class B shares in Facebook in December, according to fund a monthly contribution report. It is about 12 basis-point segregated fund, which had assets of approximately $ 73 billion in December, according to spokeswoman Sophie Launay. A basis point is 0.01 percentage points.
People who have a broker may be able to ask for the distribution of shares may be determined by how much business they did in this investment banking or brokerage firm, said Todd Morgan, senior managing director of the Los Angeles-based Bel Air Investment Advisors, which manages about $ 6 billion. Investors are currently trying to get the shares may not get big enough to influence the allocation of your portfolio, he said.
"It is difficult for most investors access to shares in the IPO price," Kathleen Smith, principal of Renaissance Capital LLC, an IPO investment adviser, said in an e-mail. "Even the best institutional Wall Street clients only get a small part of their order filled at the offer price."
"Feeding Frenzy"
Interested investors should examine Facebook's financial information in the prospectus, including its growth, sales margins and cash balances, and wait for the IPO has started trading in Facebook, Smith said. Facebook is considering assessment of $ 75000000000 $ 100 billion, two people familiar with the matter said last week.
"People get into the feeding frenzy that surrounds them," said Gerri Walsh, vice president of investor education in the Financial Industry Regulatory Authority, a self regulated securities industry. "If a potential IPO is very well covered, and to advertise, people will think that any path that may be engaged in a legitimate manner."
U.S. Securities and Exchange Commission enforcement proceedings in November in an emergency to stop what he said was a fraudulent scheme targeting investors trying to get pre-IPO technology companies such as Facebook and Groupon.
Higher tax rates
Praetorian Global Leaders Fund falsely claimed that the Fund and its related entities owned "shares worth tens of millions of dollars to private companies, which were likely soon to arrange an initial public offering," according to SEC statement. Individuals claimed that client escrow funds while in fact they were being transferred to personal accounts management, SEC said in a statement.
While investors should be aware of the risks of trying to get a piece of Facebook action until late in the game, their interest is understandable, said Thomas Aspiriant.
"Our customers in Silicon Valley homes has been outbid by Google employees often enough," Thomas said.
Those who get it and sell shares in an initial offering price is expected to jump higher rates on their profits. Profit margins for one year or less, in general, the individual normal tax rate, currently as high as 35 percent, while the long-term growth is usually charged to a maximum of 15 per cent, according to the U.S. Internal Revenue Service.
"Who knows if it will be the next Google," said Reinhart, the individual investor. "But even if you bought Google in the first year, you are still good."
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