Market News – Facebook sets IPO at $38 per share

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Facebook Inc.  announced on Thursday afternoon in the U.S. its initial public offering at $38 per share. This is the biggest internet/technology IPO in history with the company raising $16 billion.  The offering price puts Facebook’s total market capitalization at just above $100 billion.

The IPO comes in at the high end of the range that was previously expected. The social network giant had given a target between $34 – $38 per share.

Reports say that Facebook Inc., led by 28-year old co-founder and Chief Executive Mark Zuckerberg,  sold about 421.2 million shares in the debut; 180 million shares were sold by the company itself, with the remaining shares coming from selling shareholders. Underwriters have been granted over-allotment options of about 63.2 million shares.

The social network giant is estimated to currently have more than 900 million users, growing substantially in less than a decade from a Harvard University dorm-room project.

Facebook Inc. shares will begin trading Friday morning on the Nasdaq Stock Market, under the ticker symbol “FB.”