Facebook is apparently playing it safe when it comes to going public
The social network will file an initial public offering prospectus on Wednesday with an eye toward raising $5 billion, according to International Financing Review.
That is a more conservative figure than the $10 billion that Facebook was rumored to be looking to raise with its market debut. The company's valuation will also be smaller than the $100 billion that was previously bandied about, according to AllThingsD.
Also read: Wall Street 'Likes' Facebook IPO, But It's a Hard Climb From Private to Public
However, the lofty number will still set it at the forefront of tech IPOs.
Zynga, the gaming manufacturer with close ties to Facebook, raised just over $1 billion in its recent public offering, for instance.
A spokesman for Facebook did not immediately respond to requests for comment, but International Financing Review cites people close to the deal as its sources.
Facebook’s poobahs are reportedly eager to start small and potentially offer more stock if investors “like” what they see.
The company is planning to debut in May with five bookrunners, including Morgan Stanley slipping into the lead left role. The other bookrunners will consist of Bank of America Merrill Lynch, Barclay’s Capital, Goldman Sachs and JPMorgan.