FACEBOOK is expected to file for its long-awaited flotation today, kick-starting the process that will see the social network list as a publicly traded company eight years after Mark Zuckerberg launched the website from his Harvard bedroom.
Facebook has been notoriously tight-lipped regarding its soon-to-be status as a public company, but the California-based firm is thought to be looking to raise $10bn (£6.35bn) from a flotation, which would value the company at $100bn.
This figure has been received with some scepticism, and the IFR last night reported that Facebook will aim to raise $5bn.
Sharespost, a website that facilitates secondary trading, valued Facebook at $83.5bn last night – a sharp increase on the $74.3bn valuation it gave the internet firm last week.
It will not necessarily be revealed until the company floats, but keen eyes will be watching which exchange Facebook decides to use for its listing.
Traditionally, tech companies gravitate towards Nasdaq, the exchange that is home to Groupon and Zynga. However, NYSE – on which LinkedIn last year chose to float – is also a contender. Facebook is said to have reserved ticker symbol “FB” on both stock listings.
The social networking site is expected to list in May, with one source saying that a bank underwriting the IPO has told its staff to be prepared to work over the weekend of 19-20 May.
Morgan Stanley is expected to be given the coveted lead left spot for the IPO, assisted by Goldman Sachs and others.
