FACEBOOK CLOSER TO IPO: Facebook, which in February filed a registration statement revealing plans to raise $5 billion or more in an initial public offering, is moving closer to actually going public. The social media site will halt trading of its shares on the secondary market at the end of this week. That’s a move that typically gives it a bit of a breather to determine its current shareholder base, as well as provide about a month to clear all current trades before the anticipated IPO.
Facebook is becoming increasingly important to the retail and fashion worlds as they aim to connect with consumers in new ways, and sites such as Facebook are expected to become major drivers of sales in the burgeoning world of social commerce. The company expects to trade under the symbol “FB.” Published reports said an IPO could come as early as May.
This story first appeared in the March 29, 2012 issue of WWD. Subscribe Today.