Facebook Files For IPO

Menlo Park-based Facebook has filed for its IPO, saying Wednesday afternoon that it is looking to raise up to $5 billion trading as FB. The IPO is being underwritten by Morgan Stanley, J.P. Morgan, Goldman Sachs & Co., BofA Merrill Lynch, Barclays Capital, and Allen & Company. Among other tidbits revealed in the filing, Facebook said it had net income of $1 billion on revenues of $3.7 billion in 2011.