Social network giant valued at $104 billion
Facebook priced its initial public offering Thursday afternoon at $38 a share, valuing the social-networking juggernaut at a whopping $104 billion in the third largest IPO in history.
It starts trading Friday morning on the Nasdaq under the symbol FB.
The price is at the top end of an anticipated range of $34-$38 a share, which had already been upped. Facebook will sell 421 million shares, or 15% of the company, and could raise up to $18.4 billion if banks underwriting the IPO exercise their options.
The hotly anticipated offering is expected to jump on its first day of trading, although Wall Streeters disagree on how high. The heftier pricetag may keep it from skyrocketing, but it’s likely to rise at least 10%-20%.