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3 May 2012 By Robert Cyran Follow @rob_cyran

It’s not just social networking junkies that have grown reliant on Mark Zuckerberg’s firm. Businesses such as Zynga have been created on its back. Bankers are pegging their careers on floating the firm. And California needs the impending IPO to help close its yawning budget gap.

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Facebook said on May 3 that it is planning to sell 180 million new shares and that existing shareholders will sell another 157.4 million shares in its forthcoming initial public offering. At the midpoint of the $28 to $35 share price indicated in a filing with the Securities and Exchange Commission, the company would raise $5.7 billion of new money and existing owners would sell $5 billion-worth of stock. At the $31.50 midpoint and excluding the underwriters’ option to sell extra stock, the company would be valued at about $85 billion.

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