Facebook Inc., the world's largest social-networking service, chose Morgan Stanley to take the lead on its planned initial public offering, four people with knowledge of the matter said.
Morgan Stanley gains the coveted lead-left position on the IPO filing, said the people, who asked not to be identified because the matter is private. That designation usually means a larger share of the fees collected by a securities firm. Facebook will file plans with regulators tomorrow to raise $5 billion, though the amount may rise, two people said. Goldman Sachs, JPMorgan Chase,(JPM),Barclays, and Bank of America will help manage the sale, people said.
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