"This is just a once-in-10-years event, so they figure they've got to be attached to it, and they're going to glow in the association with being a part of it," said Eric Jackson, founder of investment firm Ironfire Capital in Naples, Florida.
"They're going to get higher fees and more business in the future because of it."
The biggest share of IPO fees typically goes to the lead underwriter on the deal.
Dan Simkowitz, Morgan Stanley's chairman of global capital markets, was one of the main bankers on the offering, said a person familiar with the matter.
He also helped run General Motors' 2010 IPO that raised US$18.1 billion.
Michael Grimes, global co-head of technology investment banking at Morgan Stanley, also played a key role.
He introduced Facebook executives to investors at a lunch meeting last week in Palo Alto, California, part of a road show to pitch the deal to prospective buyers.
Grimes became acquainted with Facebook chief operating officer Sheryl Sandberg when he handled the IPO for Google, her former employer.
He meets regularly with investors in search of the next promising startup and is an avid consumer of his clients' products.
Facebook chief financial officer David Ebersman was the point person on the deal, starting with the selection of the lead bankers, one person said.
Sandberg and chief executive Mark Zuckerberg were involved in decisions throughout the process, the person said.
A spokesman for Menlo Park, California-based Facebook declined to comment.
At JPMorgan, vice-chairman Jimmy Lee and technology bankers Jennifer Nason and Noah Wintroub worked on the offering, said one person.
- Bloomberg