Facebook hopes to raise up to $12 billion in mega IPO
NEW YORK - Social networking giant Facebook is worth $95 billion, according to the share price the firm has set up for its upcoming initial public offering (IPO) at between $28 and $35 per share.
The price range for an upcoming IPO of stock is set to be the largest ever for an internet firm, bigger than Google's valuation of $23 billion in 2004. IPOs are when companies list shares on the stock market for the first time. Google is now worth about $200 billion.
The IPO of the company that turned the social networking into a cultural and business phenomenon is expected in a couple of weeks when Facebook will list on the Nasdaq thereby rivaling Amazon's and Cisco System's current market values.
According to sources in the firm, Facebook is likely to start promoting the share offering Monday and its shares are expected to start trading under the symbol "FB" from May 18.
More than 10 per cent of the business is being sold, which is expected to raise about $12 billion for the company, according to the BBC.com.
The eight-year-old social network has 900 million users worldwide and made a profit of $1 billion last year.
CEO Mark Zuckerberg, who turns 28 this month, appeared in a video of its road show online alongwith Chief Operating Officer Sheryl Sandberg; finance chief David Ebersman and other executives.
The company said that putting the road show online was consistent with its focus on "authentic, engaging information".
"We think people's lives will be better and really that the whole world will function better when there is more information and understanding out there," Zuckerberg says in the video, wearing a T-shirt and jeans as he usually does.
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