Potential Facebook investors who were salivating over snagging a piece of the company come April will have to wait several months longer than expected to buy in. The social networking behemoth delayed its initial public offering, which could possibly be the largest in history, from April to an undisclosed time late in 2012.
Financial Times reports Facebook is the latest in a slew of big-hitters to delay their IPOs until the economy picks up. Zynga and Groupon have done the same thing. But according to anonymous sources quoted in the story, Facebook is pushing its offering back because top brass wants employees to stay focused on product development rather than the financial opportunities that come with going public.
Facebook will have to open itself up to more outside examination before its IPO. Securities and Exchange Commission rules mandate that because Facebook has now surpassed 500 investors, it will need to file its first financial statements after the end of the first quarter of 2012.
Facebook puts off IPO until late 2012 [Financial Times]