Facebook reportedly has its eyes on May 17 for initial public offering.

According to the latest reports, if the Securities and Exchange Commission states that everything is in order, all their paper works had been filed, including the Instagram acquisition, Facebook’s IPO could be set for May 17th.  This is in line with earlier reports which stated that Facebook is eying to launch their IPO either on May 17 or May 24.

According to TechCrunch’s sources, “Facebook will be valued at around $100 billion, reflecting current levels of trading in the secondary markets (and avoiding SEC scrutiny). Other reports say that the company wants to raise $10 billion at a $100 billion valuation, but like Kara Swisher we are hearing that it will be less.”

Sources also stated that Facebook’s IPO resulted in Millennial Media’s IPO earlier this month since Morgan Stanley and Goldman Sachs, which handles both companies, wanted to make room for Faebook’s IPO.

Instagram’s effect

Other reports suggest that Facebook’s valuation can go up as high as $104 billion because of the Instagram acquisition, in which they paid 30% in cash and 70% in stock.  What sealed the deal for Instagram is the fact that Facebook is going public, which means the company could be trading at a higher market value.  Instagram would instantly reap the benefits.

But others are stating that most companies who went public are trading at a lower value than their offering price.  So Facebook’s valuation shouldn’t have been the factor considered for agreeing with the acquisition.

“I hope they didn’t agree to this deal because of Facebook’s valuation on the secondary markets,” said Lise Buyer, a former Google executive and the founder of the advisory firm Class V Group. “It’s still unclear if there’s a strong correlation between pricing on the secondary markets and the public market.”