Palo Alto, Calif. – Signaling its possible intention to
launch one of the largest initial public offerings (IPOs) of all-time, social
network Facebook has revealed details about the company’s finances to potential
investors in a 100-page prospectus, The Wall Street Journal reported. In the
documents, the company said it plans to surpass 500 shareholders later this
year, reaching a threshold by which, under Securities and Exchange Commission
(SEC) rules, it must either begin disclosing financial information to the
public or launch an IPO by April 2012.
Facebook is currently raising up to $1.5
billion — at a $50 billion valuation — in a private placement through Goldman
Citing a person familiar with the documents, The Journal reported that
Facebook posted net income of $355 million on revenue of $1.2 billion for the
first nine months of last year.