Facebook IPO is coming this week – UpdatedMay 18 - 8am 10
The biggest technology IPO since that of Google in 2004 is set to go ahead this week, according to reports, with Facebook ready to go public on Friday, just a few days after CEO Mark Zuckerberg’s 28th birthday.
According to TechCrunch, the company will list on the NASDAQ stock market under the symbol ‘FB”, with Zuckerberg to perform the symbolic ringing of the bell remotely, from Facebook’s new offices in Menlo Park, California.
Another report from Bloomberg has indicated that the company is ready to cease taking orders for shares, as the offering is oversubscribed.
Pricing won’t be confirmed until closer to the time, but in the most recent amendment to its Securities and Exchange Commission registration filing, the company indicated a value between US$28 and US$35.
Zuckerberg has been touring Wall Street recently to explain Facebook’s strategy in a bid to drum up support for the IPO, although attention has focused more on his choice of attire than on accuracy of the figures.
Update: Facebook has again amended its SEC S-1 filling, offering a new share price estimate of between US$34 and US$38. The previous estimate was between US$28 and US$35.
Assuming shares sell, the new estimate will ensure the company debuts with a valuation near or over US$100 billion.
Update 2: Facebook has issued a release confirming its long-awaited Initial Public Offering (IPO) will go ahead tomorrow (overnight tonight NZ time), at a share price of US$38.
That price will value the company at US$104 billion, a record for a company at the time of its offering. Facebook stands to raise US$18.4 billion from the transaction, according to the Wall Street Journal.