Facebook files for $5 billion IPO; saw $1 billion profit in 2011 |
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Facebook files for $5 billion IPO; saw $1 billion profit in 2011
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Read Mark Zuckerberg’s IPO letter
Facebook filed for a $5 billion initial public offering Wednesday, saying it raked in $1 billion in profits in 2011.
The world's biggest social networking company said in the filing that its annual revenue in 2011 was $3.7 billion, its operating income was $1.8 billion and its net income was $1 billion, according to a filing with the SEC.
It said it has a total of 845 million users, 483 million of them who come to the site daily.
The Menlo Park-based company said it would trade on either the New York Stock Exchange or the NASDAQ. Facebook said it plans to use the ticker symbol FB.
Morgan Stanley was chosen as the banking lead on the offering, expected to happen as early as May.
Four other banks will join Morgan Stanley to underwrite the offering in a deal that is expected to generate as much as $500 million in fees: Goldman Sachs, Bank of America Merrill Lynch, Barclays Capital and JP Morgan.
The filing is expected to eclipse any Silicon Valley offering before it, including Google Inc. 's $2 billion offering in 2004.
Related TechFlash and Silicon Valley / San Jose Business Journal coverage of the Facebook IPO:
Slideshow: Facebook’s road to an IPO
What will Facebook’s new millionaires do with their riches?
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