Following the news that
Morgan Stanley will be the lead underwriter on the
Facebook IPO, the bank's stock, which had been trading relatively flat all day, enjoyed a slight surge. Trading volume for shares of MS shot
up after the announcement, and the stock closed up around 2.26% at $18.56 per share, it had opened today at $17.95.The honor of receiving the coveted "lead left" spot in arguably one of the hottest IPOs in years not only comes with bragging rights, but also an estimated some $220 million worth of fees, according to the WSJ. To put that $220 million in perspective, the Morgan Stanley tech group brought in $115 million in underwriting fees for all over 2011, the WSJ reported.Please follow Clusterstock on Twitter and Facebook.Join the conversation about this story »See Also:With Morgan Stanley 'Close' To Lead Underwriting Facebook's IPO, This Goldman Banker Won't Be In A Good MoodGASPARINO: Here's The Real Reason Why Morgan Stanley Capped Its BonusesMorgan Stanley Names New Heads Of Middle East Investment Banking
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