Facebook has filed for an initial public offering of shares in the US, aiming to raise USD 5 billion. The filing with the SEC reveals details on the continued growth at the world's largest social network. The number of active users reached 845 million in December 2011, up 39 percent from a year earlier. Active daily users numbered 483 million in December, up 48 percent from a year earlier, and Facebook said over 425 million users were accessing the network from their mobile phone in December. The company generated revenues of USD 3.71 billion in 2011, up from USD 1.97 billion in 2010, and its net profit improved to USD 1.00 billion from USD 606 million. It had accumulated cash of over USD 3.9 billion by the end of 2011. Facebook said it did not have a specific use in mind for the proceeds of the IPO. The offering is expected to open a public market for fund-raising and may provide funds for settling tax coming due and possible acquisitions. The SEC filing shows that Facebook executives and directors control 70 percent of the company's shares, including a 28.2 percent stake for CEO and founder Mark Zuckerberg and voting agreements to give him majority control. Other major shareholders include Accel Partners with 11.4 percent, DST with 5.5 percent and Dustin Moskovitz with 7.6 percent. It was not announced which shareholders would be selling stock in the IPO or if Facebook would issue new shares. The company will list on the Nasdaq or NYSE markets. One of the largest IPOs of an internet company ever, Facebook's IPO was expected this year, as the growing number of shareholders in the company would require it to start filing public accounts under US law.
