Business News

Report: Facebook IPO set for May

Jan 16, 2012, 18:04 GMT

San Francisco - Facebook's record-smashing 100-billion-dollar initial public offering is set for late May, according to a report Monday in the Wall Street Journal.

The share offering by the social networking giant will reportedly attempt to raise some 10 billion dollars from investors, at a price that values the company at 100 billion dollars.

However the exact timing of the public share offering could quickly change according to market conditions, the report said.

To make the May deadline, Facebook will have to file IPO documents within the next month to allow enough time to be reviewed by the Securities and Exchange Commission, the newspaper reported.

Facebook has some 800 million users and is set to reach 1 billion users later this year. It reportedly had revenues of almost 4 billion dollars in 2011, and sales are expected to be 30 per cent higher this year, the report said.