Facebook Prices Mega-IPO at $38 a Share
MENLO PARK, Calif. (TheStreet) - After months of speculation, Facebook(FB) priced its eagerly-anticipated IPO at $38 a share after market close on Thursday as the social networker gears up for the biggest ever offering from a tech company.
The price of $38 a share will give Facebook a valuation of $104 billion, significantly above the market caps of tech heavyweights Dell(DELL) and HP(HPQ) . At $38 a share, the offering will raise more than $16 billion.
In a statement released after market close on Thursday, Facebook confirmed that shares are expected to begin trading on the Nasdaq on May 18, under the symbol 'FB.' Closing of the offering is expected to occur on May 22, the company said.
Facebook increased the price range for its offering to between $34 and $38 a share earlier this week, underlining the intense investor interest in the sale. The Menlo Park, Calif.-based firm had initially projected a range of $28 to $35 a share. On Wednesday, Facebook revised its S-1 filing yet again, adding 83 million shares to the offering.
TheStreet will be live-blogging Facebook's IPO, starting at 8 a.m. ET on Friday:
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--Written by James Rogers in New York.
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