Facebook boosts size of IPO by 25% to meet investor demand
Source: Agencies |
May 17, 2012, Thursday
|
Print Edition
Print Edition
FACEBOOK yesterday said 25 percent more shares will be sold as investors clamor for a piece of the year's hottest stock offering.
Facebook said in a regulatory filing yesterday that about 421 million shares will be sold, up from 337 million under its earlier plans. That total doesn't include more than 63 million additional shares that the deal's underwriters can sell to cover excess demand.
The news comes a day after Facebook raised the expected price range for the stock to a range of US$34 to US$38 per share, up from US$28 to US$35.
The offering is expected to set the final price today. Shares would start trading on the Nasdaq tomorrow under the "FB" ticker symbol.
If all the shares, including those being offered to the underwriters, are sold at the high end of the expected price range, the social network's offering could raise more than US$18.4 billion. That would make Facebook one of the biggest IPOs ever.
The company's IPO is the most hotly anticipated in years and would value Facebook overall at more than US$100 billion.
In a filing with the Securities and Exchange Commission, Facebook says the extra shares being made available are coming from its current shareholders. The selling shareholders are now offering approximately 241 million shares, up from about 157 million shares.
Facebook will not receive any proceeds from the stock sold by the selling shareholders.
The regulatory filing also disclosed that CEO Mark Zuckerberg will control about 55.8 percent of the voting power of the company's outstanding capital stock following the offering. This is down slightly from the 57.3 percent he was initially expected to have.
Facebook has more than 900 million users who log in at least once a month.
Facebook said in a regulatory filing yesterday that about 421 million shares will be sold, up from 337 million under its earlier plans. That total doesn't include more than 63 million additional shares that the deal's underwriters can sell to cover excess demand.
The news comes a day after Facebook raised the expected price range for the stock to a range of US$34 to US$38 per share, up from US$28 to US$35.
The offering is expected to set the final price today. Shares would start trading on the Nasdaq tomorrow under the "FB" ticker symbol.
If all the shares, including those being offered to the underwriters, are sold at the high end of the expected price range, the social network's offering could raise more than US$18.4 billion. That would make Facebook one of the biggest IPOs ever.
The company's IPO is the most hotly anticipated in years and would value Facebook overall at more than US$100 billion.
In a filing with the Securities and Exchange Commission, Facebook says the extra shares being made available are coming from its current shareholders. The selling shareholders are now offering approximately 241 million shares, up from about 157 million shares.
Facebook will not receive any proceeds from the stock sold by the selling shareholders.
The regulatory filing also disclosed that CEO Mark Zuckerberg will control about 55.8 percent of the voting power of the company's outstanding capital stock following the offering. This is down slightly from the 57.3 percent he was initially expected to have.
Facebook has more than 900 million users who log in at least once a month.
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