According to various reports, social networking giant, Facebook might come out with its long-anticipated initial public offering (IPO) in the third week of May 2012.

The event will gather much interest in the Silicon Valley this year as Facebook joints many young firms in going public. All Things Digital blog of The Wall Street Journal reported this Monday that Facebook's IPO is expected in the third week of May.

The IPO in May would require the company to begin filing its documents next month. Chief Executive Mark Zuckerberg, who is behind the success of the social network, now has the responsibility to lead the charge into the world of stock market. Chief Operating Officer Sheryl Sandberg will prove to be essential in the initiative.

Zuckerberg is believed to be against a public stock offering as he wanted to retain control on the company. Facebook is now required to disclose financial data within 120 days after the end of the calendar year they surpass 500 outside investors. This means that it was until April 30 to file its documents with the federal authorities.

For an IPO, Facebook will have to file a S-1 disclosure and then begin a review process with the Securities and Exchange Commission. The All Things Digital report also said that there are possibilities of a change in timing of the IPO due to the continuing uncertainties in the financial markets.