Facebook seeking to raise $6.3 billion in IPO

Facebook will set a target of raising $5 billion (S$6.3 billion) in papers to be filed on Wednesday for an initial public offering, according to reports.

The New York Times and International Financing Review said $5 billion is only a preliminary target for the IPO by the social networking giant and the final size could be larger.

At $5 billion, it would be the largest IPO ever by a US Internet company, eclipsing that of Google in 2004 which raised $1.9 billion and valued the Web search giant at $23 billion.

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