Bankers' Fee for Market Debut

The shutdown started on Oct. 1 after Congress couldn't come to agreement on stopgap legislation to continue funding the government,Fashion Dresses known as a continuing resolution, because of deep divisions between the Republican-controlled House and Democratic-led Senate over the health care law.Talks to end the government shutdown and extend the nation's borrowing authority continued Friday with some Senate Republicans saying a deal could be reached in the next few days.Even if the Alcohol and Tobacco Tax and Trade Bureau resumes operation in short order, however,Fashion Dresses that doesn't mean it's business as usual for craft breweries. It typically takes more than a month, sometimes longer, for label approvals under normal government operations, so breweries are preparing for a backlog.

The social-media service will probably start a roadshow with bankers to promote the deal in the last week of October, said the people, who asked not to be identified because the details aren't public. Twitter, which is leaning toward listing on the New York Stock Exchange, is still negotiating with that exchange and Nasdaq on the ability to handle the IPO, as well as associated listing fees, one of the people said.Twitter's ability to negotiate a fee well below the norm for U.S. IPOs --Fashion Dresses which have averaged 5.7 percent, according to 2013 data compiled by Bloomberg --Fashion Dresses shows investment banks are still willing to take tens of millions of dollars less to land a high-profile role with a large client. Missing out on the Twitter IPO could cost an investment bank in reputation among technology clients and in future IPOs with smaller startups.

"It's a low fee for Twitter to have to pay, and it's a very positive development," said Josef Schuster, founder of IPOX Schuster LLC in Chicago. "It may set a standard that will help companies with future IPOs save costs when they come to market."Twitter's fees are higher than those paid by Facebook Inc. FB because it's a smaller offering, said two people with knowledge of the negotiations. Facebook raised $16 billion at its IPO in May 2012, paying banks 1.1 percent.Twitter hired Goldman Sachs Group Inc. as the lead underwriter, which typically earns a bigger cut of the deal.Globally, the average IPO fee this year is 4.5 percent, according to data compiled by Bloomberg. In 2012, IPO managers in the U.S. earned an average of 4.3 percent in fees, while globally they made 3.7 percent, the data show.

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