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Facebook IPO 'expected to take place on May 17' | Facebook's flotation is expected to take place on May 17. The social networking company, which lodged its initial public offering (IPO) documents at the beginning of February 2012, is believed to be gearing for the May 17 floatation on the Nasdaq stock exchange. The Securities
and Exchange Commission is expected to clear the paperwork for the IPO by this
date as well as approving Facebook’s one billion dollar acquisition of photo-sharing
application Instagram, The Telegraph reports. Facebook founder Mark Zuckerberg
is believed to have only told the social network’s board that he had signed the
huge deal with Instagram on the day it was announced. A Facebook IPO is expected
to be valued at around 100 billion dollars making it the biggest ever stock market
flotation by an internet company. The initial documents for the IPO were lodged
in February 2011 whereby it was revealed Zuckerberg owns a 28.4 percent stake
in the company. "[The structure] provides Zuckerberg with the ability to control
the outcome of matters requiring stockholder approval, even if he owns significantly
less than a majority of the shares," the filing said.
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