Facebook's valuation for IPO will be lower than initially expected

IDG News Service - Facebook's value after its initial public offering will be less than had been widely rumored, according to a company filing submitted after the markets closed on Thursday.

Facebook is aiming to initially price shares between $28 and $35, according to the filing. The pricing suggests an overall value of the company ranging between $60 billion and $75 billion, rather than the $100 billion that had been rumored.

Even with the lower valuation, Facebook is on track to file the largest Internet initial public offering ever. The company is expected to file the IPO this month.

If the shares sell for the midpoint price, the company will raise $10.6 billion with the stock offering.

Facebook will embark on its pre-IPO road show next week, sending executives around the country to make their pitch to investment firms, the Wall Street Journal reported. Barring any problems, the Facebook shares are expected to begin trading on May 18.

In April, Facebook released its financial information for the first quarter of 2012, showing its profits were down 12% compared to the first quarter of 2011.

However, the company's user base continues to grow. As of March 31, it had more than 900 million monthly active users, Facebook said.

Cameron Scott covers search, web services and privacy for The IDG News Service. Follow Cameron on Twitter at CScott_IDG.