Report says Facebook seeks $10 billion in IPO

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NEW YORK (AP) — Facebook might finally be laying down the groundwork for a highly anticipated initial public offering, long expected to take place sometime after April 2012.

The Wall Street Journal is reporting that the world’s largest online social network is looking into raising as much as $10 billion in its IPO. The Journal cited people familiar with the matter but did not identify them by name.

Federal rules require companies with at least $10 million in assets and more than 500 shareholders to disclose its quarterly financial results and other details. Facebook has tried to put off an IPO to focus on building its product. But the financial reporting requirement will kick in in April.

The Palo Alto, Calif., company has employees and investors waiting to cash in on their stock.

An email seeking comment from Facebook was not immediately returned.