Facebook 'plans IPO in 2012 second quarter'

Facebook founder and Chief Executive Officer Mark Zuckerberg is keen on evolving the social networking site into a blue-chip company. Facebook''s plans to this goal include making an Initial Public Offering (IPO) in the second quarter of 2012, the Wall Street Journal reported quoting a source. The IPO could bring in around $10 Billion at a valuation of more than $1000 Billion. The company will file early next year with the Securities and Exchange Commission to take the stock public. Precedents of Internet companies going public, however, are not encouraging. Groupon Inc and Zynga Inc did not enjoy great IPO debuts this year. Groupon shares have dropped 12% from their opening day''s close. Zynga, too, fell below its IPO offering price within minutes. Their low-key performance puts Zuckerberg''s eight-year-old Facebook under focus. Analysts say it is an uphill task for nascent companies to match tech leaders such as Apple and Microsoft. But Facebook is riding on optimism of its CEO who has spent the last 18 months methodically preparing it to look and act more like a blue-chip business. (QNA) SSS/LY