Facebook is hoping to raise $10 billion in its Initial Public Offering, in what looks like one of the biggest Internet IPOs of all time. Its value is being estimated by some at between $75 and $100 billion.
The social network has drawn more than 800 million members since 2004, and most of its revenue is driven through advertising. They reportedly raised $3.8 billion in advertising in 2011.
CNN reports that if Facebook raises $10 billion, it would break the previous tech company IPO record of nearly $2 billion by Google in 2004. According to the Register, Google’s value was $23 billion on its first day.
The Financial Times reports that sources say Facebook wants to file its information with the Securities and Exchange Committee by Wednesday, while another report said the filing was imminent.
Facebook founder Mark Zuckerberg has hesitated in taking his company public, but as a private company, Facebook would be required to start reporting its financial information in public if it has more than 500 shareholders, according to the Wall Street Journal. They are looking toward Morgan Stanley to underwrite their deal.
According to Businessweek, trading on secondary markets was suspended for shareholders for three days this past week, which at times helps a private company determine how many shareholders they have.
Zuckerberg began Facebook from a dorm room in Harvard University. The site sees about 500 million users daily, according to Facebook.