The social-networking company is expected to pick Morgan Stanley as the lead underwriter for the IPO, the Journal said. The Wall Street bank has been the most popular choice among internet IPOs in recent years.

The company is currently looking at a valuation of $75 billion to $100 billion, according to the report, which would be one of the largest initial public offerings in U.S. history.



The impending IPO — expected to raise $10 billion — is a prized trophy for investment banks, set up a fierce competition on Wall Street, particularly between front-runners Morgan Stanley and Goldman Sachs . Shares of both banksspiked in Friday afternoon trading on Facebook's news.



The IPO has also spurred competition for retail investors, wanting to own as many shares as possible.