More Banks Reportedly Hop Aboard Facebook IPO

Deutsche Bank, Credit Suisse, and Citigroup will likely join the group of banks underwriting Facebook’s upcoming initial public offering, according to published reports.

Reuters reported that the company will add to the group of banks working on its IPO, which already includes lead underwriter Morgan Stanley, as well as Goldman Sachs, J.P. Morgan, Barclays Capital, Bank of America, Merrill Lynch, and Allen & Co.

According to Financial Times, adding banks at this stage of the IPO process is common, and the newcomers will likely assume responsibility for small segments of clients, as well as providing further analyst coverage.

The report on the addition of banks follows last Friday’s news that Facebook will increase its credit line prior to the IPO.

Reuters said Facebook, Deutsche Bank, Credit Suisse, and Citigroup all declined comment.

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