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Facebook filing for $5 billion IPO Wednesday, says NYT

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The New York Times reports that Facebook will file for its initial public offering tomorrow. The company is reportedly looking to earn about $5 billion in new capital by selling its stock on the open market for the first time — a number just half of the $10 billion rumors that have been floating around, but things could change "significantly" as the process gets underway.

Zuckerberg Cheers
Zuckerberg Cheers

It's been rumored since November, but the New York Times reports that Facebook will file for its initial public offering tomorrow. The company is reportedly looking to earn about $5 billion in new capital by selling its stock on the open market for the first time — a number just half of the $10 billion rumors that have been floating around, but things could change "significantly" as the process gets underway.

All Things D is also reporting that Facebook's board of directors has been meeting all day ahead of the IPO filing, and that the company wants to minimize the hype and bubble-effect of what promises to be the most significant public debut of any company in years. (To put it in context, even a $5 billion offering would put Facebook within striking distance of the biggest IPO in history — Infineon Technology's $5.23 billion debut in 1999.) We'll be tracking this one closely, so stay tuned.