New IPOs - when to buy?

Brand-new IPOs may offer future potential, but they can be tricky to navigate in the short run.

Those that go public with much fanfare often see a big, first-day pop, like LinkedIn (LNKD) (109%) and Twitter (TWTR) (73%), before coming back down to earth. That can make finding an entry tough, since a hot stock could keep shooting higher or drop right after the debut, a la Facebook (FB).

That's why it may be prudent to wait for a consolidation. Some IPOs pause shortly after their debut. A so-called IPO base can be shorter in length than the five- or six-week minimum, respectively, for a flat or cup base.

Michael Kors (KORS) trended mostly higher the first five sessions after jumping 21% its first day, Dec. 15, 2011. It then paused the next three weeks, giving prospective buyers a chance to get in. The first true base didn't start until March.

Coupons.com (COUP) surged 88% to 30 from its offer price on March 7. It hasn't done much since, trading mostly between 26 and 31. The Mountain View, Calif.-based digital coupon provider hasn't yet turned an annual profit, though it posted its first quarterly profit in Q4.

Its debut comes nearly eight months after that of rival RetailMeNot (SALE), which rose 32% from its IPO price and is now up more than 30% from that day's close. It had rallied as much as 76%. The company has made money since 2010.

YY (YY), which went public on Nov. 21, 2012, shows the potential of recent new issues. It saw a modest 8% rise in its Nasdaq debut. Shares climbed 35% in the first two weeks before launching into their first consolidation, which spanned seven weeks and offered a first chance for investors.

Another 36% advance ensued before the Chinese Internet stock settled into a six-week cup base, a second opportunity to buy. It cleared its most recent six-week consolidation on Jan. 3 and is up 42% from the buy point.

YY has grown its annual earnings per share the past two years. Earlier this month, it crushed fourth-quarter profit and sales forecasts with triple-digit gains. Analysts expect triple-digit EPS growth to continue in Q1.
The top- and bottom-line performance have helped it attract increasing institutional sponsorship. Forty-three mutual funds and hedge funds took new positions as of Dec. 31, while 23 added to their stakes. Three of the funds owning shares are rated A+.

Facebook (FB) CEO Mark Zuckerberg to sell 70 million shares

Facebook (FB) stock fell Thursday after the company said in a regulatory filing that CEO Mark Zuckerberg plans to sell more than 40 million shares as part of the company's first follow-on stock offering, which will total about $4 billion.

Facebook stock was down 2.4% in midday trading in the stock market today. The stock fell as much as 5.2% in heavy pre-market trading Thursday, according to the Nasdaq exchange.

Zuckerberg plans to buy 60 million Class B shares as part of a longstanding option, and 41.4 million of those shares will immediately convert to Class A shares and be sold, according to the filing.

At Thursday's midday price of 54.16, Zuckerberg would get about $2.24 billion, which the company he'll mostly use to pay taxes on the 60 million share option.

The action is part of a secondary stock offering in which the company will sell 27 million shares. Shareholders, including Zuckerberg, will sell about 43 million shares.

The follow-on offering is the company's first since its May 2012 initial public offering, which raised about $16 billion.

The new sale will knock Zuckerberg's holdings to 56.1% of the company's voting power, down from 58.8%, according to Facebook.

The approximately $1.46 billion that the company will raise in the offering will be used for general working capital, says Facebook.

Best and worst IPOs of 2012 : Five Below (FIVE) +119%; Facebook (FB) -26.3%

+119% return; Best out of 101 U.S. IPOs in 2012 with an offer size of at least $100 million.

The retailer Five Below (FIVE) sells candy, stationery and beauty products aimed at teenagers, with products priced at $5 or less. The company, which held its initial public offering in July, is growing sales at a rate of 47 percent per year.

Facebook (FB):  -26.3% The social network Facebook (FB) plunged as much as 53 percent after its $16 billion debut in May. The stock rallied after third-quarter sales rose 32 percent, beating analysts' estimates.

Morgan Stanley fined $5M over Facebook IPO

Investment banking giant Morgan Stanley was fined $5 million Monday by the commonwealth of Massachusetts for violating securities laws involving the troubled stock market debut of Facebook, the Wall Street Journal reported. 

Massachusetts Secretary of State William F. Gavin accused the bank of improperly influencing the stock offering process, specifically asserting that a senior Morgan Stanley banker coached Facebook on how to share information with stock analysts who cover the social media company.

Facebook hits 1 billion users

Since Facebook launched, the social network’s seen 1.13 trillion "likes" and 140.4 billion friend connections. 219 billion photos are currently being shared, while 17 billion check-ins have been made. Since the music listening app launched in September 2011, 62.6 million songs have been played 22 billion times — that's around 210,000 years of music.

Facebook (FB) up +15% this week; its best week since IPO

FB says Zuckerberg, directors won't sell shares

Facebook (FB) Chief Executive Mark Zuckerberg and two company directors, Marc Andreessen and Donald Graham, do not plan to sell any company shares following the expiration of a lockup period, the social networking giant said in a regulatory filing late Tuesday. 

Zuckerberg, who is also the company's co-founder, "has no intention to conduct any sale transaction in our securities for at least 12 months," Facebook said. Shares of Facebook rose nearly 2% in after-hours trading, after hitting a new low in regular trading. Facebook shares have been weighed down by the coming lockup expirations for more than 1.3 billion shares before the end of the year. A big wave of roughly 1.22 billion is expected to hit Nov. 14.

Early Facebook investors who sold stock in Facebook IPO

Facebook Inc. sold 180 million of its shares in its initial public stock offering in May. Another 241.2 million came from existing stockholders, including the company's earliest investors and CEO Mark Zuckerberg. Except for Zuckerberg, those stockholders were eligible to sell additional shares — up at 271 million combined — starting last Thursday.

Facebook co-founder Dustin Moskovitz, who shed 900,000 shares of Facebook in recent days, didn't sell any stock in the IPO. 

Here's a look at early Facebook Inc. investors who did sell stock:

1. James Breyer and Accel Partners, where he's a partner; Year invested in Facebook: 2005; Number of shares sold in IPO: 57.7 million at $38 each.
2. DST Global Ltd. and affiliates, a London-based investment firm focused on Internet companies, founded by Russian investor Yuri Milner; Year invested in Facebook: 2009 and late 2010; Number of shares sold in IPO: 45.7 million at $38 each.
3. Mark Zuckerberg; Number of shares sold in IPO: 30.2 million at $38 each.
4. Goldman Sachs and affiliates, investment bank and one of the IPO's underwriters; Year invested in Facebook: 2011; Number of shares sold in IPO: 24.3 million at $38 each.
5. Tiger Global Management, New York-based investment firm; Year invested in Facebook: Undisclosed; Number of shares sold in IPO: 19.1 million at $38 each.
6. Mail.ru Group Ltd., Russian Internet company; Year invested in Facebook: 2009; Number of shares sold in IPO: 19.6 million at $38 each.
7. Peter Thiel, managing partner at The Founders Fund and PayPal co-founder; Year invested in Facebook: 2004; Amount invested: $500,000; Number of shares sold in IPO: 16.8 million at $38 each.; Number of shares sold after lock-up expiration on Aug. 16: about 20 million at $19.27 to $20.69 each on Aug. 16 and 17.
8. Greylock Partners, Silicon Valley venture capital firm and affiliates; Year invested in Facebook: 2006
   Number of shares sold in IPO: 7.6 million at $38 each.
   Meritech Capital Partners, venture capital firm focused on late-stage investments
   Year invested in Facebook: 2006; Number of shares sold in IPO: 7 million at $38 each.
   Microsoft Corp.; Year invested in Facebook: 2007; Amount invested: $240 million; Number of shares sold in IPO: 6.6 million at $38 each.
9. Elevation Partners, private equity firm focused on media and technology and affiliates
   Year invested in Facebook: Undisclosed; Number of shares sold in IPO: 4.6 million at $38 each.
   Mark Pincus, Zynga Inc. CEO; Year invested in Facebook: 2004; Number of shares sold in IPO: 1 million at $38 each.
   
   
   Reid Hoffman, co-founder of LinkedIn Corp. and affiliates; Year invested in Facebook: 2004; Number of shares sold in IPO: 942,784 at $38 each.

Source: Facebook Inc. and Associated Press research

Facebook stock lockup to expire

Facebook investors cash out

• Facebook's stock price plumbed a new low Thursday as early investors were freed to sell some of their stakes. 
• CEO Mark Zuckerberg is no longer brushing off concern, acknowledging to employees for the first time that the selloff could be "painful."

SAN FRANCISCO - Beginning Thursday, Facebook's early investors and a few directors will be able to sell stock they own in the company as a lock-up period barring them from doing so begins to expire.

Thursday marks 90 days after Facebook's initial public offering. That's when early investors who were selling stockholders in the IPO get to sell their shares, according to regulatory filings. Other shareholders, such as many Facebook employees, will be able to sell beginning in October. The last lockup deadline expires next May, a year after Facebook's IPO.

Facebook's hotly anticipated IPO landed with a thud on May 18. After pricing at $38, the stock closed at $38.23 on its first trading day and has not seen that price since.

Shares in premarket trading fell nearly 2 percent, or 40 cents, to $20.80. If that holds, the stock will open Thursday at a 45 percent discount to the IPO price just three months ago.

In all, 271 million shares will become eligible for sale this week, according to Facebook's regulatory filings. Firms ranging from Accel Partners to Goldman Sachs, Zynga CEO Mark Pincus and Facebook board members James Breyer, Peter Thiel and Reid Hoffman are among those free to sell stock they own. Microsoft Corp., an early Facebook investor, is another one, though it's unlikely to because of partnerships it has with Facebook.

There are currently 421 million Facebook shares available for public trading.

FB : key Facebook executives exit at critical time

Since its poorly received IPO in May, the social-networking company has lost a handful of top-ranking executives. 

The latest defections came last week, when Ethan Beard, who is responsible for developing relationships with top app makers, and Katie Mitic, platform marketing director, announced pending departures. Jonathan Matus, mobile platform marketing manager, also is leaving.

The announcements come after the high-profile exits of chief technology officer Bret Taylor in June to start his own company, and Open Graph product manager Carl Sjogreen last month.

The loss of key mobile and marketing personnel, on the heels of a $157 million second-quarter loss, won't help Facebook shares, which have drooped to $20.72 -- nearly half of their $38 starting price. Questions about its online and mobile advertising business have led to a drop in the company's initial valuation to $43.5 billion, from $100 billion.

Shares may further decline when Facebook's first lockup period for stock ends Aug. 17, allowing employees and early investors to sell some of their shares. The talent drain underscores intense competition for employees in Silicon Valley, and the temptation for workers -- even those at Facebook -- to flirt with start-ups, where they can wield more influence, says social-media analyst Greg Sterling.

Start-up junkies get restless after a few years, says Sterling, noting that fledgling companies offer bigger potential salaries and greater long-term stock payoffs. This is not a time to lose top talent. That is Facebook's challenge.

We're fortunate to have many, many talented people join the company each week, and we believe this will serve us well over the long run, Facebook spokesman Larry Yu said in a statement.

But stock options don't appear to be enough to keep employees rooted at Facebook.

Beard worked at Facebook more than four years, and most of his stock options have likely vested. Four years is the customary amount of time for options to fully vest at Silicon Valley companies. Mitic has been at Facebook only two years; Matus, one.

Both are likely to have received stock before Facebook's IPO. It's possible they're betting Facebook's stock will not rise so steeply the next year or two that they'd be leaving serious cash on the table.

Facebook killed the IPO market

A few weeks ago, the IPO market was red-hot.

Facebook (Nasdaq: FB) was about to make its record-setting debut, when it not only became the third-largest initial public offering in U.S. history but also the 11th IPO to price in the first 17 days of the month.

That brought the U.S. IPO tally to 65 new public companies in just over three-and-a-half months, good enough to make it the busiest four-month stretch since the last four months of 2010.

Since then? Utter silence. Not a single U.S. company has gone public since the well-documented disaster that was the Facebook IPO. It's been less than three weeks since the social network went public. But in the IPO market, that's a lifetime.

This is the longest IPO drought by far since January, when only four companies went public on the heels of a tumultuous year for new stocks. Prior to the second half of May, there hadn't been more than a week between IPOs since the first month of the year.

The lull is perhaps partly due to the fact that many companies rushed to get their IPOs out the door before Facebook went public, so as to ride the social network's coattails while IPOs were en vogue. Now that Facebook has tanked since going public - the stock is down a staggering 31.5% since the company's May 18 debut - IPOs are no longer "cool."

In fact, it's more than just perception. It's probable that many companies are looking at Facebook's post-IPO failure and wondering: If a company that well-known and that profitable gets crushed after going public, what chance do we stand?

And as Facebook tanks, it's dragging other recent IPOs down with it.

Of the 10 stocks that went public other than Facebook in May, six of them have already fallen below their IPO price. The average return among them is 1.9%. Compare that to the 8.7% average returns among all of this year's IPOs, and the drop-off is clear.

So with returns among new stocks dwindling and Facebook becoming more and more of a cautionary tale by the day, the IPO market could remain silent for some time. As of now, Renaissance Capital (a great source for all things IPO) lists only one stock on its upcoming IPO calendar. That's a far cry from the past four months, when the calendar was typically booked solid with dozens of companies waiting to price.

Just as Facebook may have been responsible for jumpstarting the IPO market, it now seems that the stock's very public struggles have effectively scared off all other prospective IPOs.

UBS may have lost $350 million due to Nasdaq glitches on Facebook IPO day

NEW YORK (AP) — Swiss bank UBS AG may have lost as much as $350 million due to technical glitches on the Nasdaq stock exchange the day Facebook went public, according to reports published Friday.

CNBC and The Wall Street Journal, citing people familiar with the matter, reported that UBS is considering legal action against Nasdaq as a result.

UBS spokeswoman Karina Byrne confirmed that the bank lost money due to Nasdaq's technical issues when the social networking company's stock began trading on May 18.

Byrne declined to disclose the amount but said it was "not material" to the bank. She said UBS has not taken legal action but is weighing its options for recovering its losses.

"Given the size of our U.S. equities business and our role as a major market maker, UBS was affected by these issues, as we believe other market participants may have been," Byrne said in a statement.

Nasdaq declined comment on the reports Friday.

The $350 million figure dwarfs previous estimates for the combined losses resulting from technical glitches at Nasdaq during Facebook's first day of trading. This week, the exchange said it would hand out $40 million in cash and credit to reimburse investment firms.

Facebook Inc.'s initial public stock offering was one of the most widely anticipated market debuts in years. But it quickly turned chaotic.

The opening was delayed by half an hour. Then, technical problems kept many investors from buying shares in the morning, or selling them later in the day, or even knowing whether their orders went through. Some investors complained they were left holding shares they didn't want.

According to CNBC and the Journal, UBS placed an order for 1 million shares but did not receive confirmations and repeated the order several times. So it ended up with much more stock than it intended.

Facebook's stock originally priced at $38 and closed that first day at $38.23, disappointing those hoping for a first-day surge. Nasdaq has said it was embarrassed by the glitches but that they didn't contribute to the underwhelming returns.

Facebook (FB) - first 3 weeks of trading

Pre-IPO trading

** post IPO - daily **

** post IPO - weekly **

Kayak IPO delayed after Facebook flop

Kayak Software Corp. slowed its march to the stock market in one of the clearest examples yet of the fallout from Facebook Inc.'s (FB) tumultuous initial public offering.

Kayak, which runs a travel-listings website, didn't launch its "roadshow" to pitch the stock to large investors, an event that had been expected to begin around Memorial Day, people familiar with the matter said. Morgan Stanley (MS), the lead bank on the Facebook deal, also is leading the Kayak deal. With Facebook proving a disappointment for many investors, timing for the Kayak deal is uncertain now, the people said, adding that the company is assessing investors' current appetite for Internet stock deals.

"We're waiting for market conditions to meet our requirements" for an IPO, said Kayak spokeswoman Jessica Casano-Antonellis on Wednesday. She said the IPO hasn't been delayed because the company never set a time frame for its offering.

As the first significant Internet IPO expected after Facebook's debut nearly two weeks ago, Kayak was shaping up as a big test both of the IPO market and of Morgan Stanley, which has endured criticism that it overestimated demand for Facebook shares.

On Wednesday, the shares fell another 2.25% to $28.19, leaving them down more than 25% from their IPO price of $38.

The Facebook developments led Morgan Stanley's chief executive, James Gorman, to internally defend the firm's role the IPO. During a weekly strategy meeting Tuesday that was webcast to employees, he called the steep decline in Facebook's stock "disappointing." He also said malfunctions on the Nasdaq Stock Market in the opening hours of trading in Facebook caused "unprecedented confusion and disarray."

Mr. Gorman told employees to "be proud of the job your colleagues did and don't judge us based upon what happened over a couple of days."

In a sign of how important the Kayak deal is to Morgan Stanley, the firm's star technology banker, Michael Grimes, recently brought up the Facebook IPO in conversations with Kayak board members and said he stood by its execution, people familiar with the matter said. He was the main consultant to Facebook on its IPO. He also pledged to devote his full energies to Kayak in the coming weeks, the people added.

Mr. Grimes was among the individuals Mr. Gorman praised in the Tuesday meeting. In the discussion, Mr. Gorman recounted a phone call he said he received from Facebook's chief operating officer, Sheryl Sandberg, this past Friday evening. Mr. Gorman said Ms. Sandberg praised the company and offered Morgan Stanley a professional reference for its work on the deal. Facebook didn't immediately respond to a request for comment.

Kayak is expected to take the Facebook experience into account when setting its own share price, people familiar with the matter said, adding that it will likely lean toward a conservative offer price. Ms. Casano-Antonellis said "our valuation expectations haven't changed."

She added that Kayak is happy with the advice from Morgan Stanley and still plans to list on Nasdaq.

Unlike websites such as Expedia Inc. (EXPE) and Priceline.com Inc., (PCLN) Kayak for the most part doesn't itself sell airline tickets or hotel bookings. Instead, Kayak lets Web surfers search for travel options, and the company makes money when it directs people to book travel on websites of airlines, hotels or other travel services. Kayak also sells online ads.

Even before the Facebook IPO, Kayak has faced a rocky road to its IPO. Competition for online travel services is increasing, including offerings from tech giants such asGoogle Inc. (GOOG) that are making a bigger plunge into offering flight-and-vacation services.

Against the stiff competition, Kayak continues to grow. In the first three months of the year, consumers did 310 million travel searches on Kayak, according to its IPO documents, or 45% more than the same stretch in 2011. Kayak's revenue rose 32% last year to $224.5 million—less than one-fifteenth the size of publicly traded peers Expedia and Priceline. Kayak is profitable.

Kayak has had IPO documents on file for 18 months, four times longer than the average U.S. stock-market debutante, according to research firm Dealogic.

Scott Sweet, senior managing partner at IPO Boutique LLC, a Florida-based IPO advisory and research firm, said many of his retail investor clients would have likely abstained from buying into Kayak if it launched now after they feel burned in Facebook. "A lot of people are saying they will wait to see the next IPO work before they step in again," Mr. Sweet said. "So there is going to be a freeze for a while."

Separately, London-based jeweler Graff Diamonds Corp. said Thursday it has decided to postpone its $1 billion initial public offering in Hong Kong owing to adverse market conditions that hurt demand. Graff's deal is the largest IPO to be withdrawn in Asia so far this year, amid a string of pulled deals in recent days.

As Facebook falls, IPO pullback begins

(MarketWatch) — Corsair Components Inc., which makes computer storage memory and gaming products, and Tria Beauty Inc., whose laser-hair removal and esthetic products are likely to been seen in late-night infomercials, might be as diametrically opposite as two companies can be.

However, by Thursday, the two companies had one thing in common: Both had postponed their initial public offerings in the wake of the now-controversial debut of Facebook Inc. (NASDAQ:FB)  

“Corsair and Tria postponed their offerings and that doesn’t surprise me in the least,” said Scott Sweet, senior managing partner with IPO Boutique. “Who would have predicted a week ago that the biggest debacle in IPO history was about to go down?”

Normally, it wouldn’t be such a big deal for such small-cap companies to pull back from going public. Sweet said both Corsair and Tria would likely have had to drastically cut their proposed price ranges if they had gone ahead with their offerings.

Corsair had earlier said it hoped to sell almost 7 million shares at between $12 and $14 each, while Tria set a range of $13 to $15 a share for the 4.6 million shares it had intended for its public stock offering.

But while both companies simply cited the generic “market conditions” reason for their delays, the fact that the postponements came during a week of ongoing fallout over Facebook’s IPO suggests that big changes may be in the works regarding what type of companies will have the fortitude to test the public market’s appetite for investing in IPOs. 

The line of companies looking to go public hasn’t completely shrunk. Since late March, IPO filings have come from the likes of ServiceNow, which does software-as-a-service, Reval Holdings, a cloud-computing software company, and online legal services provider LegalZoom.com. Reval’s lead underwriter is Bank of America/Merrill Lynch (NYSE:BAC)  , while ServiceNow and LegalZoom have Morgan Stanley (NYSE:MS)   — which led Facebook’s IPO — as their lead underwriter.

Network-security technology company Palo Alto Networks, which filed to go public on April 6, also has Morgan Stanley as its lead underwriter. Analysts have pointed to Palo Alto Networks, which specializes in information security for enterprises, as candidate for a solid IPO.

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Officials from Palo Alto Networks refused to comment on whether the debacle surrounding Facebook over the last week has altered any of their IPO plans.

That debacle involves Facebook’s less-than-stellar opening day performance, followed by what has been a decline of more than 16% from the company’s $38-a-share IPO price. It also includes the Nasdaq’s botched handing of the IPO out of the gate, and now, lawsuits against Facebook and its lead underwriters, including Morgan Stanley, over information that might not have been shared with potential investors.

“There are going to be some more lasting effects,” said Kris Tuttle, director of research at Soundview Funds. “For one, individuals were largely out of the market, and this cements that trend.”

Sweet, of IPO Boutique, said that of the 187 companies that he says have filed the necessary documents to go public, “It should be noted that there is not a single IPO in the pipeline that has set pricing terms.” Sweet also noted that IPO pricings typically slow down around the Memorial Day holiday week in the U.S.

“Whether its tech, consumer goods, or oil, there’s not likely to be anything going on for a couple of weeks,” Sweet said.

James Krapfel, equity analyst with Morningstar Inc., agreed that regardless of the type of company involved, IPO activity is likely to slow down considerably over the coming months, due to several factors, not the least of which is a typically slower overall business environment in the summer.

“It’s partly due to the Facebook fiasco,” Krapfel said. “But also because the weaker stock market will make it increasingly difficult for lower quality companies, which constitute the majority of IPO backlog, to successfully price their shares.”

Facebook (FB) - one week later

Some Big Firms Got Facebook Warning

Capital Research & Management wanted to buy into the Facebook (FC) initial public offering. But days before the IPO, an underwriting bank on the deal warned the big investment firm about Facebook’s dimming revenue prospects.

The Los Angeles firm, armed with information from a May 11 “roadshow” meeting with underwriters and Facebook, along with similar estimates of its own, slashed the number of shares it intended to buy. The night before trading began, a Capital Research manager told a banker at Morgan Stanley (MS) the lead underwriter, that the deal’s pricing was “ridiculous,” according to a person familiar with the situation. Some Capital Research fund managers didn’t buy into the IPO at all, say people familiar with the matter.

Jennifer Kohne received no such warning. The 52-year-old retired medical-device salesperson in St. Louis bought 3,000 Facebook shares Friday at $42 through an online brokerage and now sits on losses of $30,000 based on Wednesday’s closing price of $32. “We don’t get the information that these institutional fund managers are getting,” she says. “We’re at a disadvantage.”

Read the full story at the Wall Street Journal.

Facebook looks to switch listing to NYSE

Facebook Inc. (FB) is looking to move its listing to the New York Stock Exchange in the wake of its rough $16 billion initial public offering on the Nasdaq exchange, according to media reports Wednesday. 

NYSE Euronext  (NYX) , which runs the New York Stock Exchange, reportedly denied it's discussed a listing-switch with the social-media company.

Facebook's trading debut was delayed by 30 minutes, with Nasdaq OMX Group (NDAQ) later saying problems getting trade confirmations to brokers were caused by previously undiscovered software glitches. The Securities and Exchange Commission and the Financial Industry Regulatory Authority are conducting their own reviews of the launch of Facebook's shares

Facebook (FB) - 3rd day of trading (22 May 2012)

Facebook is adding a lot more new ads to their pages, while their stock keeps sliding on its 3rd day of trading.

Facebook (FB) - second day of trading (21 May 2012)

• Tiger Global upped the number of shares it will sell to 23.4 million, from 3.4 million.
• Mail.ru upped its planned sale to 19.6 million from 11.3 million.
• Accel Partners now plans to sell 49 million shares, up from 38.2 million.
• DST Group will sell 45.7 million shares, up from 26.3 million.
• Goldman Sachs will sell 28.7 million shares, up from 13.2 million.
• Greylock will sell 7.6 million shares, up from 7 million.
• Peter Thiel will sell 16.8 million shares, up from 7.7 million