Finally, the day arrives when Facebook plan to file papers with the US financial watchdog which will begin the process of becoming a publicly listed company.

This looks to be one of the biggest share sales witnessed on Wall Street yet!

They expect to raise around $10 billion with the flotation that makes the $1.9 billion raised by Google in 2004 look like small fry by comparison.

The two companies lucky to be involved in this flotation will be predominantly Morgan Stanley with heavy involvement from Goldman Sachs.

Reportedly staff at Morgan Stanley have been told to be prepared to work over the weekend of 19th and 20th May, so maybe this is the estimated IPO date??

During all the speculation, and there has been lots, Facebook have determinedly kept quiet.

The company’s reported value is said to be between $75 billion and $100 billion, which makes it one of the world’s biggest companies by market capitalisation.

Facebook has only been around since 2004 when it was started up by Mark Zuckerberg in his bedroom at Harvard and as we have all witnessed has achieved phenomenal success ever since.

Being held privately it’s accounts are not for public viewing but speculation says that net profit was somewhere in the region of $355 million in the three quarters of 2010, the biggest part being made through advertising.