Facebook's IPO Today at $38 per share2012-05-18 09:52 by Daniela
Facebook will announce today its IPO which is reportedly priced at $38 a share. At that price, Facebook's IPO will be the largest tech IPO in history. It's the third largest U.S. IPO ever, trailing only the $19.7 billion raised by Visa in March 2008 and the $18.1 billion raised by automaker General Motors in November 2010, according to rankings by Thomson Reuters.
Initially, the expected price was between $34 to $38 per share. The company had lifted both the price range and share count of the offering earlier this week, amid strong demand from retail investors. The number of shares being sold in the deal will be 421,233,615 shares, which was recently raised from 337,415,352 shares as more insiders opted to sell into the offering.
While the market opens at 9:30 am ET on Friday, Facebook's shares won't start trading instantly. It typically takes time - sometimes an hour or more - for newly listed shares to begin actively trading on the day of their public debut.
Some shares are made available to individual investors, but getting them typically requires either a lot of money or a lot of trading experience. It also required moving fast. Many brokerages offering pieces of Facebook's IPO allotment "closed their books" on Tuesday, meaning they stopped taking orders.
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