A Facebook secret no more: public offering due
November 28, 2011
Start saving those pennies and get set to buy — in 2012 — a piece of the world’s biggest and trendiest social network, Facebook. The company is expected to shed a 10 percent interest to raise $10 billion — an amount which if achieved would quadruple the size of the biggest initial public offering for a tech IPO to date. [WallStreetJournal]
The Palo Alto company’s offering has been rumored for years, but sources now have told the Wall Street Journal that Facebook is expected to file necessary paperwork early next year, and to debut its stock market efforts during the second quarter.
Such a move would be widely viewed as “a defining moment for the latest Web investing boom,” reported the Journal, but there is no official word from the company itself.
“We’re not going to participate in speculation about an IPO,” said Facebook spokesman Larry Yu.
Facebook has gone so far as to craft its own prospectus, a document filed with the SEC to define a company’s business, the Journal reported.