New York: Investment bank Morgan Stanley that led Facebook CEO Mark Zuckerberg's glitch-ridden IPO, now finds itself losing out as Goldman Sachs is likely to get a lion's share of Twitter's IPO fees.
According to the New York Post, Twitter's decision to select Goldman over Morgan, comes as little surprise after the Facebook IPO, as tech-heavy stock exchange Nasdaq also admitted mistakes during Facebook's listing process and paid a 10 million-dollar fine to regulators.
Twitter officials explicitly informed bankers pitching to win the lucrative IPO assignment that it wanted to avoid a repeat of Facebook's offering, the report said. Morgan Stanley owns a stake in the firm and Twitter hired tech banker Cynthia Gaylor this summer, the report added.
A JPMorgan venture fund purchased a 400 million-dollar stake in Twitter two years ago, the report further said. Morgan Stanley as well as JPMorgan and perhaps Deutche Bank may serve in secondary roles on the offering, according to the report.