Facebook to raise $5bn in IPO

Facebook launched the process for its highly anticipated coming-out, filing papers for its initial public offering, and revealing for the first time details of its business that it has, until now, guarded fiercely.
The offering will turn several key shareholders into billionaires, most notably Mark Zuckerberg, the company’s 27-year old chief executive and co-founder, whose 28.2 per cent stake in the company could make him worth more than $22.5bn, based on secondary market trading that values Facebook at $80bn.
The company said it would raise $5bn in the offering, a figure that is likely to rise before the actual public debut, making the social networking giant’s listing the largest in the internet industry since Google.