Facebook IPO coming May 17, sources say


(CBS News) Facebook will have Wall Street buzzing when its initial public offering (IPO) hits in May, sources say.

If Facebook's documents are approved by the Securities and Exchange Commission, the social network will likely hit the NASDAQ on May 17, reports TechCrunch. The technology blog cites "multiple sources close to the company."

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Facebook's IPO will reportedly be valued at around $100 billion. It's been speculated that the social network's shares could be priced at anywhere from $30 to $40. Oh, and the ticker symbol? Facebook will trade under the symbol "FB."

The excitement over Facebook's IPO has maintained momentum, thanks to the social network's recent purchase of the mobile photo-sharing app Instagram for $1 billion.

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Many critics have pointed out that Facebook's mobile strategy has been lagging and the addition of the rapidly-growing Instagram will add value.

Instagram, which launched in October 2010, has already garnered 30 million iOS users. It was also reported that 5 million Android users joined within the first week it was available on the mobile operating system.

Facebook filed for its IPO on February 1, with Morgan Stanley as its lead underwriter. The social network has 845 million users with $3.7 billion in revenue.