Facebook is set to file paperwork for an IPO offering as early as next week, according to a report in the Wall Street Journal. That’s been a widely anticipated filing, and sources have said for some time that the social networking giant was targeting the IPO for sometime between April and June.
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The Facebook IPO could raise as much as $10 billion and value the social network between $75 billion to $100 billion, although $75 billion would be below earlier expectations. The Journal’s sources added that Facebook is close to picking Morgan Stanley to lead the deal.
Facebook halted trading in secondary markets for three days earlier this week, which is the strongest signal thus far that an IPO is near. Another signal, however, is Facebook’s recent rash of product announcements. Once Facebook file its S-1 paperwork, it will be required to enter a “quiet period,” without public statements or interviews — including product announcements.
While a Facebook IPO alone is big news, perhaps bigger news is that the New York Stock Exchange (NYSE) and NASDAQ are fighting for the right to list the stock. NASDAQ is a very tech-heavy stock exchange, so one would think it would have the edge. However, the NYSE of latest has been more aggressive in courting tech companies.
In either case, Facebook is reportedly looking to use FB or some variant as its symbol.