Palo Alto: Facebook will setback its initial public offering until the end of next year thus employees can focus on developing products for the number 1 social networking website, the Financial Times reported on Wednesday.
Facebook, which is likely to have one of the biggest IPOs in history, plans to go public at the end of 2012, a later public debut than it initially planned, the reports said.
According to the reports, chief executive Mark Zuckerberg wants to delay an IPO until September or later in 2012 thus employees can continue focused on product developments rather than a pay-out. The decision was not related to market conditions, the paper said.
Earlier this month that Facebook’s revenue doubled to $1.6 billion in the 1st half of 2011. Investors have pushed its valuation to about $80 billion in the private markets. Facebook could not be reached for comment.