Facebook IPO Exceeds $100 Billion Mark
May 15, 2012 10:37 AM
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Facebook is now looking to raise about $12 billion
Facebook's $100 billion initial public offering (IPO) was already set to be one of the largest IPO's in the tech industry, but now, the social network is looking to surpass the $100 billion mark by raising another $12 billion.
According to a filing with the U.S. Securities and Exchange Commission, Facebook increased the price target range from $28-$35 per share to $34-$38 per share today. This values Facebook at about $93 billion to $104 billion, exceeding the $100 billion mark.
At about $36 per share, Facebook would raise $12.1 billion.
Social networking giant Facebook revealed that it was planning a 2012 IPO back in November 2011. The company was talking about
raising $10 billion
for the initial public offering. Many had previously thought a 2011 IPO was in the works, but a shaky economy and ongoing
privacy battles with the U.S. government
put everything on hold.
In February 2012, Facebook made the IPO official. The company said it was looking to sell $5 billion of its private shares and hoped to be valued at $100 billion.
The set date for the company
to go public was May 18
The social network plans to complete the IPO later today, which is two days ahead of schedule. Facebook is expected to price its shares on Thursday and begin trading under the ticker "FB" on Friday.
Facebook's IPO is the largest ever to come out of Silicon Valley. In 2004, Google raised nearly $2 billion. Last year, Groupon raised $700 million and Zynga raised $1 billion.
After the IPO is completed and Facebook begins trading, the social network plans to sell 12.3 percent of the company, or $337.4 million shares.
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RE: Over valued
5/15/2012 11:16:59 AM
Just another case of history repeating itself. There is no way anyone could justify that kind of valuation for FB. Much in the same there was no way they could justify some of the valuations some of the pre-bubble companies got and we all know how that worked out.
Kind of curious though, how this would stack against some of the industry giants if you factored inflation in. Where would Apple's IPO rank, Google, Yahoo ect.
RE: Over valued
5/15/2012 1:47:48 PM
This is a great opportunity for Zuckerman to grab for the money.
Facebooks single key asset is huge....if you are interested in tapping in to the worlds single largest marketing pool.
Since I don't FB, I'm not really interested. I see FB going the way of AOL neighborhoods and ICQ. Twitter is just another incarnation of AOL IM.
The "new" trend in "Cloud" computing is also old news...Google docs and for those of us with personal home servers...its very old news.
The general consumer population is just playing catch up to where many DailyTECH readers have been for some time.
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