Facebook priced its historic initial public offering at $38 a share, at at the high end of the expected range of $34-$38, becoming the largest internet IPO in history.
The deal will raise the social networking giant around $16 billion in proceeds, and value the company at more than $100 billion.
The social networking giant is on track to sell 421 million shares as part of the offering, roughly 60 percent of which are coming from insiders and other existing shareholders.
Including the overallotment (a 30-day option underwriters have to include an additional batch of shares in the deal), Facebook could raise up to $18.4 billion, which would make it the second largest IPO in U.S. history, behind only Visa, which raised $19.7 billion when it went public in 2008.
Read more at CNBC.
