Facebook prices shares on the high end of its range at $38
Facebook priced its initial public offering at $38 per share, which is at the high end of the range it proposed on Tuesday. The price will raise $16 billion for the company and the social network a valuation over $100 billion.
The company plans to list 421.2 million shares of its common stock on the Nasdaq on Friday under the symbol FB. Facebook is offering 180 million of its shares. The remainder of the shares come from existing stockholders — a number of whom decided Wednesday to sell a greater proportion of their shares. Additionally, underwriters have the option to purchase up to 63.18 million additional shares of Class A common stock to cover over-allotments, which they are expected to sell based on demand seen during Facebook’s roadshow.
The IPO will be largest ever for a technology company and the third largest overall in the U.S., behind Visa and General Motors.
Read the rest on our sister site, Inside Facebook.