Facebook raises IPO share price range to $34-$38.Summary: Facebook on Tuesday bumped up the price it plans to charge for shares at its stock market debut, giving the leading social network a value that could top $100 billion.
Facebook on Tuesday bumped up the price it plans to charge for shares at its stock market debut, giving the leading social network a value that could top $100 billion.
Facebook will price its initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) from $34 to $38 per share, instead of the previously proposed $28 to $35 range, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. paperwork filed early Tuesday with the US Securites and Exchange Commission.
The raised IPO share price reflects confidence in demand for Facebook stock and gives the Menlo Park Menlo Park.
1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there.
2 Uninc. California-based company a value of between $93 and $104 billion.
At the higher end of the price range, Facebook could raise nearly $15 billion through the stock sale, with a large chunk of the cash going to its early backers and employees compensated with stock.
Facebook was already assured of becoming the most valuable US Web company at the time of an IPO, topping Google's $23 billion valuation in 2004.
Facebook will trade under the symbol "FB" on the technology-heavy Nasdaq. Trading is expected to begin on Friday.
Under a dual-class stock dual-class stock
See stock class. structure, Facebook founder and chief executive Mark Zuckerberg retains 57.3 percent of the voting power of the shares.
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