A new report now states that Facebook is expected to raise $5 billion according to a preliminary IPO prospectus rather than the $10 billion from earlier reports. However this could be increased by investor demand. The smaller deal size is due to a decision to start with a conservative base before deciding to increase.
Facebook has decided to hire five bookrunners. Morgan Stanley will be in the lead role. Goldman Sachs, Bank of America Merrill Lynch, Barclays Capital, and JP Morgan will be the other bookrunners.
The IPO is expected to finalize in May assuming that the SEC process goes smoothly. The final price of Facebook shares will unlikely be known for at least another three months. The Facebook stock on private exchanges are trading at about an $80 billion valuation.