Facebook Inc. has filed papers for an initial public offering potentially worth $5-billion US.

The social networking comapny said the stock would go on sale at some point in the second quater under ticker symbol "FB." That would be the most for an Internet IPO since Google Inc.

The social networking company said it had revenue of $3.7 billion with net income of $1 billion for 2011.

It can take up to four months for a stock to start trading after the initial filing, and the big investment banks will have first crack at those first shares in Facebook.

More to come