Facebook IPO tipped for next week

The word on the street is that the much awaited Facebook IPO is due out next week.

The social not-working site has been holding off on becoming a public company for ages. It had been planning to go public a while ago but the economy collapsed. Now, as people are talking about the economic collapsing again, it seems that Facebook has decided to go for it.

Previous whispers on Wall Street suggested that if Facebook doesn’t plump for an IPO it will be dooming itself.

A number of media sources are reporting that Facebook will file for an initial public offering next week.

Morgan Stanley has been named as the lead underwriter and Goldman Sachs is also expected to play a major role.

The IPO will raise $10 billion with a valuation of at least $75 billion. To put this into perspective, Google raised $1.9 billion in an IPO with a valuation of $23 billion back in 2004.

When it does finally happen, 3News claims it will push Facebook into the ranks of the largest public companies in the world, alongside McDonald’s, Amazon.com and Bank of America. Which means, of course, that Mark Zuckerberg  will be able to attend bizzare rituals involving the burning alive of an owl and get some senators of his own to do his bidding like all the other big companies.