Facebook Considering Going Public In The Spring, Report Says

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Facebook considering going public in the spring, report says

New York - The online social networking site Facebook Inc is considering an initial public offering between April and June, the Wall Street Journal said Tuesday.

The company founded in 2004 by university student Mark Zuckerberg was exploring the possibility of raising 10 billion dollars, the report said, citing unnamed people familiar with the matter.

Only a dozen companies have raised more than 10 billion dollars on their first offering, and only three in the United States. Google Inc raised 1.9 billion dollars when it floated in 2004.

Rumours of a public offering have surfaced before, but Zuckerberg, who is also chief executive, has repeatedly said he is reluctant to float.

But he appeared to be warming to the idea, and the company is considering filing with the Securities and Exchange Commission - a required first step - before the end of the year, the report said.

The company is on track to have 500 stakeholders around April, which would require it to publish its accounts in any event.

Facebook has around 800 million users worldwide, and an estimate yearly turnover of 4 billion dollars, the Journal said.

-- The Nation 2011-11-29