Social-networking leader Facebook filed paperwork on Wednesday for a $5 billion IPO, paving the way for what will likely be the largest and most-hyped global Internet offering ever.
By filing its preliminary prospectus with the Securities and Exchange Commission, Facebook is giving potential investors their first official glimpse into the company's financial vitals.
Silicon Valley and Wall Street have been buzzing about the Facebook offering, hoping it will breathe new life into the IPO and venture capital markets as well as generate tens of millions of dollars in fees for investment banks.
In the SEC filing, called an "S-1," Facebook said it generated 2011 revenue of $3.71 billion, up 88% from $1.97 billion the year before and 377% from 2009. Net income soared 65% to $1 billion from $606 million in 2010.
