FACEBOOK FILES FOR IPO (Update 1)

Updated from 5:09 p.m. ET to include additional information from the filing.

MENLO PARK, Calif. ( TheStreet) -- Facebook finally filed to go public on Wednesday with the social networking giant seeking to raise $5 billion in what would be the largest-ever tech IPO.

The 202-page S-1 filing reveals that Morgan Stanley ( MS) will be the lead underwriter for the Facebook IPO, with Goldman Sachs ( GS) , Barclays Capital ( BCS), Bank of America Merrill Lynch ( BAC), J.P. Morgan ( JPM) and Allen & Company all involved.

Facebook brought in revenue of $3.711 billion in 2011, up from $1.974 billion in 2010 and $777 million in 2009. Social gaming giant Zynga ( ZNGA) accounted for 12% of the company's revenue in 2011.

The company warned though that it expects its growth rates to decline in the future. "Our user growth and revenue growth rates will inevitably slow as we achieve higher market penetration rates, as our revenue increases to higher levels, and as we experience increased competition," Facebook said, in its S-1.

Facebook currently has 845 million users, according to the filing, and has $3.9 billion in cash and cash equivalents.

"We are in the early days of pursuing our mission to make the world more open and connected," explained Facebook, in the filing. "Advertising on the social web is a significant market opportunity that is still emerging and evolving. We believe that most advertisers are still learning and experimenting with the best ways to leverage Facebook to create more social and valuable ads."

The company's CEO Mark Zuckerberg received total compensation of around $1.5 million in 2011.

-- Written by James Rogers in New York.

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