Facebook IPO coming May 18, report says
(CBS News) Facebook may be filing for its initial public offering May 18, according to a new report. Previously, it was rumored that the world's largest social network would file on May 17.
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The Wall Street Journal reports that the Facebook "road show" is set to start on Monday, according to a person familiar with the matter. Meaning, a series of meetings with prospective investors will begin to drum up interest in the social network's stock. Chief executive officer, Mark Zuckerberg will attend some of the meetings, the Journal reports.
Arguably the tech industry's most anticipated IPO is still pending approval from the Securities and Exchange Commission. Once approved, Facebook could hit the NASDAQ on May 17 or 18.
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Facebook's IPO will reportedly be valued at around $100 billion. It's been speculated that the social network's shares could be priced at anywhere from $30 to $40. Facebook will trade under the ticker symbol "FB."
Recent changes in Facebook's S-1 filing revealed that the social network now reports 901 million monthly active users, 300 million photos uploaded per day and 125 billion friendships. The filing also shows that 488 million people access Facebook via mobile products.
The changes in the S-1 filing included an update on Facebook's purchase of the mobile photo-sharing app Instagram for $1 billion. A recent purchase of AOL patents from Microsoft was also added to the document. The deal is said to ensure that neither Microsoft nor Facebook will sue each other over AOL patents.
Facebook filed for its IPO on February 1, with Morgan Stanley as its lead underwriter. The Menlo Park, Calif.-based social network has 901 million users and reported $3.7 billion in revenue in 2011.
