Facebook's $16 Billion Initial Public Offering One of World's Largest
NEW YORK (AP) - Facebook's initial public offering of stock is shaping up to be one of the largest ever. The leading online social network is raising at least $16 billion.
Facebook priced its IPO at $38 per share late yesterday. That was at the high end of the expected range. If extra shares reserved to cover additional demand are sold as part of the transaction, Facebook and its early investors stand to reap as much as $18.4 billion from the IPO.
The IPO values the company at around $104 billion, slightly more than Amazon.com, and well above well-known corporations such as Disney and Kraft.
The $38 is the price at which the investment banks orchestrating the offering will sell the stock to their clients.
Facebook's stock is expected to begin trading on the Nasdaq Stock Market sometime this morning under the ticker symbol "FB." That's when so-called retail investors can try to buy the stock.
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