Facebook Files IPO For $5 Billion
After months of speculation and anticipation, social networking behemoth Facebook filed for its initial public offering with the U.S. Securities and Exchange Commission. Facebook hopes to raise at least $5 billion or maybe more, putting the company's market valuation at more than $100 billion.
The filing disclosed that Facebook recorded $3.71 billion in sales in 2011, up from $1.97 billion the previous year, and earned $1 billion in profit.
The IPO is expected to beat out Google's $1.9 billion IPO in 2004. But can the company meet the high growth expectations triggered by the pending stock sale? It remains to be seen how many of the company's new stockholders ultimately will "like" their investment returns.