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80,258 News Articles

Facebook files for highly anticipated IPO

Facebook has submitted paperwork to hold a US$5 billion stock offering

Facebook filed papers Wednesday to become a public company, in the most anticipated IPO in a decade, with the company looking to bring in US$5 billion in investment.

Morgan Stanley, J.P. Morgan and Goldman Sachs are underwriting the deal, according to papers filed with the U.S. Securities and Exchange Commission.

The company had revenue of $3.7 billion in 2011, compared to $2 billion in 2010, according to the filing documents.

Iconoclastic CEO Mark Zuckerberg founded Facebook from his Harvard dorm room in 2004. The social networking site passed the 100 million user mark in 2008 and now has close to 800 million users.

(More to follow).


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