Facebook Planning May IPO: Report

NEW YORK ( TheStreet) - With Facebook reportedly halting trading of its stock on secondary markets, media reports suggest that the company is set to go public in May.

The social networking giant is targeting May for its initial public offering, according to The Wall Street Journal, citing a source close to the matter.

Facebook has not yet set the IPO date, but could raise as much as $10 billion in the offering. According to the company's S-1 filing, which it has amended several times, it has 845 million users, generating $3.71 billion in revenue in 2011.

Facebook would be the largest social networking company to go public to date. Companies such as LinkedIn ( LNKD), Groupon ( GRPN), and Zynga ( ZNGA) went public amidst the social-networking craze.

Facebook could not be immediately reached for comment.

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-- Written by Chris Ciaccia in New York

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