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Facebook is expected to submit its paperwork to regulators for an initial public offering on Wednesday morning.

The social networking giant has chosen Morgan Stanley and four other bookrunners to handle the IPO which is valued at US $5 billion.

According to a report in Reuters, the current value is a preliminary target and could increase according to investor demand in the future.

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

The submission of the paperwork means that the social networking company intends to go public by the month of May this year.