Facebook Files for IPO; to Go Public After Groundhog Day

February 2nd, 2012 at 2:18 am

After weeks of rumors and anticipation, Facebook has finally filed for its IPO (initial public offering). The uber-popular social networking site listed its offering size at $5 billion, although analysts say the IPO could value Facebook between $75 billion and $100 billion, which will make many of its employees millionaires in the process.

The Wall Street Journal even speculates Facebook’s IPO, which is expected to go public by spring, would top Google’s 2004 offering. The search engine company held the record for the largest Internet IPO in the United States, raising $1.9 billion and valuing at $23 billion. The company’s offering comes after a wave of IPOs from web-based institutions such as daily deals site Groupon and social gaming company Zynga.

The social media giant chose “FB” as its ticker symbol and has yet to decide whether to trade on the New York Stock Exchange or Nasdaq Stock Exchange.

Facebook reports it has produced $3.71 billion in revenue last year, making it one of the most-coveted Internet companies.

Source: Wall Street Journal


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