By msnbc.com staff
Facebook will file documents Wednesday morning?to raise $5 billion in an?initial public offering of stock, less than the $10 billion previously expected, a financial industry website reported.
International Financing Review, citing sources close to the deal,?said the size of the IPO could be increased to meet investor demand.
IFR said scaling down?the offering reflected a?decision to set?more "conservative" expectations.
Facebook's IPO, likely in May, about three or four months after the filing, is one of the most highly anticipated in years and could be one of the biggest ever, valuing the social networking giant at up to $100 billion. That would give found Mark Zuckerberg, who owns 20 percent of the company, a net worth on paper of some $20 billion. Zuckerberg already is ranked at No. 14 on Forbes magazine's list of richest Americans.
Estimates for Facebook?s value vary, with some analysts saying it would be extremely richly valued at $100 billion.
Facebook earned roughly $1.5 billion in operating profits on $3.8 billion in revenues last year, CNBC's Julia Boorstin reported last week, citing unidentified sources.
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