Facebook Sets Up Largest-Ever US IPO
Facebook is on the verge of holding the most valuable IPO in US history. The social network plans to raise as much as $13.6bn at a valuation as high as $96bn. Shares will be sold under the ticker FB in an IPO now expected to take place in the next two weeks.
The preliminary price range between $28 and $35 would put a value on Facebook between $77bn and $96bn. Google's IPO in 2004 valued the company at $24bn. The opening price is lower than some predictions, but things could definitely change before founder and CEO Mark Zuckerberg rings the bell at the NASDAQ exchange.
Following the IPO, Zuckerberg will retain 57.3 per cent control over the voting shares. He is expected to sell 30m shares.