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Facebook just filed the preliminary prospectus for its long-awaited initial public offering (IPO).
As rumored, the company is seeking to raise $5 billion. If Facebook manages to raise this capital, it will be on a shortlist of biggest tech IPOs of all time.
Investment bank Morgan Stanley will act as lead underwriter, with Goldman Sachs and J.P. Morgan and others to take secondary positions. Shares are expected to hit the market in May.
For longtime followers of the social network, this is an exciting time and a culmination of the site's eight-year rise from Mark Zuckerberg's Harvard dorm room to world domination.
Additional Facebook IPO Coverage
- Facebook IPO Reveals How It Made $3.71 Billion in 2011
- 10 Giant Things Less Valuable Than Facebook
- Zuckerberg to Potential Shareholders: Facebook Is on a Social Mission
- Facebook IPO Filing Flings Open the Social Network Kimono
2004: First Offers Turned Down
Facebook launches with humble beginnings that most people have seen dramatized in The Social Network by now. It was a small social site backed by only a little money, and limited just to the undergrads at Harvard. Right out of the gate, Facebook turned down offers from an unknown investor and Friendster, each offering $10 million. This was, of course, when the company was still called TheFacebook.
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