Facebook sets $28 to $35 price range for IPO
Facebook sets $28 to $35 per share for IPO, could raise as much as $11.8 billion
Facebook has set a price range of $28 to $35 for its initial public offering of stock.
At the high end, this could raise as much as $11.8 billion. If the underwriters sell the extra stock reserved for overallotments, the IPO will value Facebook at $79.3 billion at the high end of the price range.
That's much higher than any other Internet IPO in the past, even Google Inc. in 2004, which raised $1.9 billion. The range came in a regulatory filing Thursday.
After that, Facebook will go on an "IPO roadshow," where executives talk to potential investors about why they should invest in the stock. If all goes well, Facebook's stock is expected to price on May 17 and make its public debut on May 18.
Facebook's IPO has been highly anticipated, not just because of how much money it will raise but because Facebook itself is so popular. The world's largest online social network has more than 900 million users worldwide.