Facebook Inc., the social-networking website that in eight years changed the way the world communicates, filed to raise $5 billion in the largest Internet initial public offering on record.
Facebook, whose meteoric rise spawned an Oscar-winning film and captivated Wall Street, yesterday named Morgan Stanley as the lead underwriter on the IPO, while reporting a 24-fold increase in sales over the past four years to $3.71 billion in 2011.
The planned IPO dwarfs Google Inc.'s 2004 offering and tests whether social-networking providers deserve market values that rival such established companies as McDonald's Corp. and Caterpillar Inc. The Menlo Park, California-based company is considering a valuation of $75 billion to $100 billion, people with knowledge of the matter said last week.
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