Facebook set to price initial public offering

Facebook set to price initial public offering, could raise $16 billion or more

Associated Press

NEW YORK (AP) -- Facebook says it has priced its initial public offering of stock at $38 per share. That's the high end of its expected range of $34 to $38. It means investor demand is strong for the world's largest online social network.

Facebook now stands to reap as much as $18.4 billion from the IPO, if the extra shares reserved to cover additional demand are sold too. The offering values the company at around $104 billion.

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