Facebook, the social networking giant, is set to go public on May 18 according to reports. The initial public offering (IPO) of the company is one of the most highly anticipated ones since Google went public in August 2004.
The Wall Street Journal has reported that the
social networking company is set to start its roadshow on Monday.
The roadshow, a series of meetings with prospective institutional investors, is designed to stir interest in the company's stock. Mark Zuckerberg, the founder and chief executive of Facebook, will attend some of the meetings,
The Journal reported.
The California-based company is seeking to raise about $5 billion in the offering, giving the entire company a value of about $100 billion.
Officials for Facebook declined to comment.
Facebook has in April
announced it is buying Instagram, the company behind a popular mobile photo-sharing application with the same name, for $1 billion, its largest acquisition ever.
During the first quarter,
Facebook's net income fell 12 per cent, weighed down by higher expenses even as its revenue soared. Net income fell to $205 million in the three months that ended March 31, from $233 million a year earlier, while net income attributable to common shareholders fell to $137 million from $153 million.
That amounts to earnings of 9 cents per share in the latest quarter, down from 11 cents a year earlier. Revenue rose 45 per cent to $1.06 billion.
The company had
901 million monthly active users as of March 31, up from 845 million at of the end of 2011.
Facebook is listing its stock on the Nasdaq under the ticker symbol 'FB'.
With inputs from Associated Press
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