Facebook to apply for IPO a day early -

As predicted, the social not-working giant Facebook is to apply for an IPO.

We said that it would be Thursday, but it seems that the company managed to cross all the t's and dot all the i's a day earlier.

This morning, as regulators open their doors for business, Facebook briefs are exected to show up with all the paperwork for a $5 billion initial public offering.

As we said, it has selected Morgan Stanley and four other bookrunners to handle the mega-IPO.

Although $5 billion is the preliminary target, this figure could be increased in coming months as investors get all hyped up and excited. By the time the over-subscribed shares hit the sharebrokers the figure will be closer to $7-10 billion.

It will certainly become the largest IPO ever to emerge from Silicon Valley and make Facebook one of the US's biggest companies..

The other four bookrunners chosen were Goldman Sachs, Bank of America Merrill Lynch, Barclays Capital and JP Morgan.

According to Reuters, the preliminary IPO filing sets the stage for a May market of the world's largest social network. Morgan Stanley was the brains behind the successful Groupon IPOs and the less successful Zynga one in December.