Facebook IPO Rumored to Hit Nasdaq on May 17


May 17 could be the day that Facebook makes its highly anticipated Wall Street debut, TechCrunch is reporting.
Citing multiple sources close to the company, TechCrunch said that Facebook's initial public offering (IPO) of stock will hit the Nasdaq on May 17, provided that the Securities and Exchange Commission (SEC) gives it the green light. The new information seems to confirm earlier media reports that Facebook would list shares on the Nasdaq during the third week in May.
Facebook's IPO will value the company at around $100 billion, according to TechCrunch.
Facebook filed papers with the SEC in February for a $5 billion IPO, ending months of speculation that the social-networking giant was planning to go public. The filing revealed that the social network had 845 million users and was profitable for the past three years, bringing in revenue of $3.7 billion last year.
Facebook will trade under the ticker symbol "FB" on the Nasdaq, according to reports. The Nasdaq is also home to such tech giants such as Apple and Google, while the rival NYSE recently won the listings of LinkedIn and Pandora.
Facebook just last week had the tech world buzzing thanks to its $1 billion acquisition of mobile photo sharing app Instagram. That deal is expected to close later this quarter.
Also, Facebook just got the go-ahead for a massive expansion of its headquarters in Menlo Park, Calif, according to the Palo Alto Daily News. The Menlo Park City Council this week approved Facebook's plans to expand its 57-acre, nine-building campus. The expansion will allow Facebook to hire thousands of additional employees and bring in millions of dollars to the city.

.By Angela Moscaritolo