错误定位市场价值
位于美国加利福尼亚州Marina Del Rey的 IPOdesktop.com研究负责人Francis Gaskins表示Facebook的CEO 马克•扎克伯格以及为早期支持者应该为股价下跌负责。高盛集团，Accel Partners，Digital Sky Technologies以及其他现有持股人在Facebook上调发行价格的前一天，也就是5月16日，都增持了Facebook的股票。
Gaskins表示，这是扎克伯格自我构建的1000亿美元的市场宏图以及想疯狂抛售的股东们综合作用的结果。不管怎样，他们都是错误的定位了市场价值。
把纸变成钱
有人表示，Facebook的CFO David Ebersman是整个交易中的焦点人物，而CEO 扎克伯格以及COO雪莉•桑德伯格在整个过程中，只是有重大决定时才会参与其中。在摩根士丹利的全球资本市场负责人Dan Simkowitz则是此次交易中的主要银行家之一。同时摩根士丹利全球科技投资银行的负责人Michael Grimes在此次交易中也扮演了重要的角色。
承销商们在此次交易中，也确实也履行了自己的职责：为IPO前的股东们将白纸变成了钱。
位于辛辛那提的Huntington资产管理公司基金经理人Peter Sorrentino表示，对于清偿资产所有人来说这次IPO当然是好事，他们不仅得到了应得的收益而且或许还能从中获得一些好处。他本人经营者147亿美元的资金。
而对于股东们来说情况就完全不一样了。
Sorrentino表示，我替那些排着队去买Facebook股票的人感到遗憾。他的公司在此次IPO中并没有认购股票。并且还告诉自己的客户不要参与其中。专业的财务人员在这里做着计算。每个人都想赶上本年度最耀眼的上市活动。但是人们眼里往往只看得到好的方面。
‘Mispriced’ Market Value
Facebook CEO Mark Zuckerberg and the early backers should be held accountable for the stock drop, said Francis Gaskins, president of researcher IPOdesktop.com in Marina Del Rey, California. Goldman Sachs, Accel Partners, Digital Sky Technologies and other existing holders boosted the number of IPO shares they offered in Facebook on May 16, a day after the company increased its price range.
“It’s a combination of Zuckerberg’s ego for that $100 billion market cap, and the shareholders selling who wanted an exit,” said Gaskins. “Somehow it just missed them that this was mispriced.”
Paper Into Cash
Facebook Chief Financial Officer David Ebersman was the point person on the deal, while Zuckerberg and Chief Operating Officer Sheryl Sandberg weighed in on major decisions throughout the process, people said. At Morgan Stanley, Dan Simkowitz, chairman of global capital markets, was one of the main bankers on the offering. Michael Grimes, global co-head of technology investment banking at Morgan Stanley, also played a key role.
Underwriters did accomplish part of what they set out to do: turn paper into cash for pre-IPO holders.
“It was successful for the liquidating owners, absolutely, because they got all that and then some,” said Peter Sorrentino, a fund manager who helps oversee $14.7 billion at Huntington Asset Advisors in Cincinnati.
For the investors it was a different story.
“I shame the people who were lining up to buy the thing,” said Sorrentino, whose firm didn’t buy stock in the IPO and tried to talk clients out of purchases. “The financials were there, do the math. Everyone wanted to be caught up in the glamour offering of the year. People just had stars in their eyes.”
