Facebook raises IPO stock price range
An Indian woman uses Facebook in Bangalore Tuesday as global IPO excitement increases. (May 15, 2012) Credit: Getty Images
Facebook's IPO, already expected to be the largest initial public offering for an Internet company, is getting even bigger.
The world's largest online social network Tuesday increased the planned price range for its stock to $34 to $38 per share in a filing with the Securities and Exchange Commission. That's up from its previous range of $28 to $35. At the upper limit of $38, the sale would raise about $12.8 billion.
But Facebook's IPO, reportedly scheduled for Friday, is expected to raise more than 10 times as much as the $1.67 billion raised in Google eight years ago.
Half of Americans think the expected value for Facebook Inc. is too high, according to a new Associated Press-CNBC poll conducted before the company raised its expected stock price.
As it stands, Facebook would be the fourth-largest U.S. IPO in history, edging out AT&T Wireless, whose 2000 IPO raised $10.6 billion, according to Renaissance Capital, an IPO investment advisory firm.
