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Facebook will file to go public tomorrow morning, IFR reports.Facebook was expected to try and raise $10 billion, but IFR says that number has been reduced to $5 billion.
The plan is to see how that goes and possibly raise more later.
Facebook is playing a psychological trick here, hoping to stir up demand for its stock by limiting supply.
Facebook’s expected valuation remains somewhere between $75 billion and $100 billion.
IFR says banks on the deal include: “Morgan Stanley in the coveted lead role, Goldman Sachs, Bank of America, Merrill Lynch, Barclays Capital, and JPMorgan.”