Facebook files for highly anticipated IPO, revealing financial information

Facebook has submitted paperwork to hold a $US5 billion stock offering

Facebook filed papers Wednesday to become a public company, revealing financial information that attests to the social network's phenomenal growth.

The IPO is the most anticipated public offering in a decade, with the company looking to bring in $US5 billion in investment.

Morgan Stanley, J.P. Morgan, Goldman Sachs and three other financial firms are underwriting the deal, according to papers filed with the US Securities and Exchange Commission.

The publicly available version of the SEC filing does not give a proposed date for the IPO. Facebook has not yet released its expectations for the initial stock price.

The company had revenue of $US3.7 billion in 2011, compared to $US2 billion in 2010, according to the filing documents. Net income was $US1 billion in 2011, compared to $US606 million in 2010. The company had $US777 million in revenue in 2009, with net income of $229 million.

Iconoclastic CEO Mark Zuckerberg founded Facebook from his Harvard dorm room in 2004. The social networking site passed the 100 million user mark in 2008 and now has 845 million users. The site had 483 million daily active users on average in December, compared to 327 million in December 2010, the company told the SEC.

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