Glam Media, one of the leading digital media companies, has chosen its IPO bankers, a source familiar with the situation says.The IPO will be led by Goldman Sachs.
Bank of America Merrill Lynch will serve as a co-lead.
Allen & Co., which is now considered a must-have advisor on almost all hot Internet IPOs, will serve as a co-manager.
Competition for the deal was fierce, with Morgan Stanley and Goldman Sachs going head to head.
For the last several years in Silicon Valley, Morgan Stanley has been the bank of choice, with most hot companies singing the praises of the head of Morgan’s technology group, California native Michael Grimes. Until recently, meanwhile, Goldman Sachs has been (relatively) nowhere in the Internet IPO market.
Over the past year, however, Goldman Sachs has seen a major resurgence in the Valley under the leadership of Anthony Noto, a former Internet analyst who served as the CFO of the NFL and then returned to Goldman in 2010.
Noto’s team has made the IPO wars competitive again. Goldman served as a co-lead on the red-hot Zynga and Groupon IPOs last year. And, this year, it won the lead on Yelp.
A few months ago, Goldman lost the uber-prestigious Facebook deal to Morgan Stanley–and will actually suffer the embarrassment of serving as the third major bank on the deal, behind JP Morgan.
But Goldman won the Glam deal, a source familiar with the company’s decision says, because they earned it. And Morgan Stanley won’t play any role in the Glam IPO at all.
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