Facebook unveils plans to float on stock market Thursday, 02 February 2012 09:46

LONDON: The world's largest social networking site, Facebook, has announced plans for a stock market flotation.

The BBC quoted Facebook as saying it would seek to raise $5 billion, about half the amount many analysts expected.

But the initial public offering (IPO) is still expected to be the biggest sale of shares by an internet company.

Facebook, just eight years old and started by Harvard University students, now has 845 million users and made a profit of $1 billion last year.

Facebook filed its intention to float with the Securities and Exchange Commission after the US stock markets closed. (QNA)