![Facebook to File for $5 Billion IPO on Wednesday [REPORT]](https://helios-i.mashable.com/imagery/archives/06KoSEgQt96pgG6ckv0IR7u/hero-image.fill.size_1248x702.v1647020635.jpg)
International Financing Review cites "sources close to the deal" who say the company is planning to raise half of the previously reported $10 billion because it decided to "start with a conservative base before deciding whether to increase."
The company will then offer shares to the public in May, pending a "smooth registration process with the SEC," according to the report. Morgan Stanley will lead the effort, though Goldman Sachs, Bank of America Merrill Lynch, Barclays Capital and JP Morgan are also included on the list of intial bookrunners.
Reps from Facebook could not be reached for comment.
The timing of the IPO had been reported last Friday by The Wall Street Journal. Facebook also halted trading in secondary markets for three days last week, another signal that the move was coming.
An upcoming share offering would also explain Facebook's product roll outs of late. Last week the company announced it would be rolling out its new profile template, Timeline, to all users, at a speed that left us scratching our heads. The week before it revealed 60 apps that are tightly integrated into Timeline, and announced a process for developers to create more Timeline apps.
If and when Facebook does file its S-1 paperwork, it will be forced to enter a “quiet period” — without product announcements, interviews or any other public statements.
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