New York Facebook might finally be laying down the groundwork for a highly anticipated initial public offering, long expected to take place sometime after April 2012.
The Wall Street Journal is reporting that the world’s largest online social network is looking to raise as much as $10 billion in its IPO.
The amount would value Facebook at as much as $100 billion, more than four times the market capitalization Google had at the time of its 2004 IPO. This is at least the second time this year that the Journal has floated the $100 billion value. It reported in May that Facebook was growing its profit so fast that it could justify such a sky-high valuation.
Federal rules require companies with at least $10 million in assets and more than 500 shareholders to disclose their quarterly financial results and other details. The reporting requirement kicks in 120 days after the fiscal year in which a company exceeds the shareholder threshold for the first time.
Facebook’s fiscal year ends Dec. 31, so it would have until late April to comply with this requirement, having hit the threshold this year. (Associated Press)
Google provides indoor map
of Indy airport for Android
Google Maps has added navigational tools to make it easier for users of Android devices to maneuver through Indianapolis International Airport.
The map includes gates, shops, restaurants and other features in the terminal and parking garage.
The airport said it is one of the first in the country to provide indoor maps for Android users. (Star report)
Finish Line announces retirement of Gary Cohen
Finish Line’s chief administrative officer and corporate secretary, Gary Cohen, plans to retire March 29, the footwear and clothing company said Tuesday.
Cohen, 59, will step down from his posts Thursday and help with the transition until his retirement.
Cohen joined Finish Line in 1997 as general counsel and helped put together its internal legal department. He has also served as the board’s liaison to management while in his corporate secretary position and led the $8.5 million buyout of 18 specialty running shops under brands including Greater Boston Running Co. and Princeton Running Co.
(Associated Press)
State senator to make push
in D.C. for online sales taxes
Indiana Senate Appropriations Committee Chairman Luke Kenley, R-Noblesville, plans to testify before a congressional committee today in support of a federal law requiring all online retailers to pay state sales tax.
Retailers are organizing to lobby the General Assembly to levy the state’s 7 percent sales tax on online transactions. The state loses about $77 million annually by not collecting sales tax on Internet purchases, according to a study by the Indiana Fiscal Policy Institute in conjunction with Ball State University’s Center for Business and Economic Research. (Associated Press)
Eastside’s Lifeline Data Centers
installs dual fiber-optic line
Indianapolis Lifeline Data Centers said a dual fiber-optic line has been installed at its Eastside computer center in the former Eastgate shopping mall.
The update allows Lifeline to meet industry redundancy standards for data centers, Lifeline said. It worked with Rochester, N.Y.-based Fibertech Networks to install the line. (Star report)