Facebook raises IPO price as offering nears
NEW YORK — Facebook today increased the price range at which it plans to sell stock to the public, as investor enthusiasm in the offering continued to mount and boost the potential value of the world’s most popular social network.
The Menlo Park, Calif., company said in a regulatory filing that it now expects to sell its stock for between $34 and $38 per share, up from its previous range of $28 to $35. At the upper limit of $38 per share, the sale would raise about $12.8 billion.
The IPO is expected to be completed late Thursday and begin trading on the Nasdaq Stock Market on Friday under the ticker symbol “FB.”
The increased range is a sign of high demand from investors to own a piece of the world’s most popular social network. The initial public offering is the most hotly anticipated in years and would value Facebook at more than $100 billion.
