Facebook is expected to file initial paperwork with regulators on Wednesday morning for a $5 billion (3.17 billion pound) initial public offering, sources close to the deal told IFR.

The social networking site has opted to hire five bookrunners, featuring Morgan Stanley in the coveted lead left role, IFR reported. Goldman Sachs, Bank of America Merrill Lynch, Barclays Capital and JP Morgan round out the initial list of bookrunners on the deal, IFR reported.

(Reporting by Anthony Hughes and Stephen Lacey)