Facebook Launches IPO Filing
Facebook has launched its newest innovation -- a filing to become an IPO – a publicly traded company on the stock market.The international social networking site, which boasts more than 845 million users around the planet, is hoping for the "FB" ticker on its shares, but is not yet listed on the exchange.
The company said in its filing it had recorded an 88 percent increase in revenue in 2011 over the previous year, making a profit of $1 billion.Last year, Facebook said it recorded an income of $3.7 billion.
Its valuation could leap as high as $100 billion, some analysts speculate. However, a number of others said its 2011 revenue figures would not justify any valuation above $65 billion.Regardless, the site has outstripped all of its social networking predecessors in the market to become the world's biggest social network, providing a platform in 70 languages around the globe.
Underwriting the IPO application are big-ticket Wall Street companies Morgan Stanley, JPMorgan Chase, Goldman Sachs, Bank of America-Merrill Lynch, Barclays Capital and Allen & Company.