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San Francisco - Rumours of a possible Facebook IPO flared up this week after reports by Bloomberg and the New York Times that the social networking giant had suspended trading of its shares on secondary stock markets.
The move could signal Facebook's intention to issue a prospectus which would for the first time give the general public a detailed look into the company's finances. Issuing a prospectus is a key step ahead of filing for an IPO, which according to previous reports is on track for the second quarter of the year.
Facebook is said to be angling to raise 10 billion dollars in the public share offering, which will value the company at 100 billion dollars.
According to The New York Times, secondary share market Sharespost recently sold 70,000 Facebook shares for $34 (about R270) a share, a price that values Facebook at 80 billion dollars.
Despite the temporary suspension, parties can still conduct transactions in Facebook shares, but the company's lawyers will not register the new owners till next Monday. - Sapa-dpa
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