updated 05:20 pm EDT, Wed March 28, 2012
$10B could be richest IPO for Internet company
Facebook may be closing in on a date its long anticipated initial public offering. The Wall Street Journal claimed Wednesday through a source that the company may be targeting May for its public launch. Facebook made its preliminary filings for the IPO back in February.
Initially, Facebook indicated it would be trying to raise $5 billion dollars. However, by the time the company begins trading, that could double, making it the largest-ever US Internet-related IPO. Google by contrast, raised $1.7 billion when it went public in 2004. Overall, this represents the fifth largest initial offering in US history. It would give the company a valuation of $100 billion.
Last year, Facebook had revenues of $3.7 billion and netted $1 billion in profits. It is closing in on 850 million users worldwide.