Facebook has formally launched its IPO, pricing shares at $38 each. Experts had predicted the massive social networking company would price its initial public offering somewhere between $34-38/share. This price point means that the company is currently valued at approximately $104 billion, and could raise up to an additional $18.4 billion from its IPO.
Facebook will use the stock ticker symbol FB. Trading of Facebook shares will officially begin Friday (5/18) at 11 a.m. ET. Facebook is selling 180 million shares in its IPO, with another 241.2 million shares coming from shareholders selling their shares in the company, including co-founder and CEO Mark Zuckerberg. Zuckerberg is selling 30.2 million shares to settle certain tax obligations. According to Marketwire, based off the IPO price, Zuckerberg's remaining stake in Facebook is still valued at $19.1 billion.
The Los Angeles Times reports that the $18.4 billion raised by its IPO would be the second-largest in U.S. history, following Visa's $19.65 billion in 2008.