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Social media set to go public: Facebook sets price to $38 per share for IPO
Facebook Inc. has priced its shares in its initial public stock offering at $38, setting the stage for its market debut Friday.
The IPO values Facebook at $104 billion, which is the largest-ever for a newly public company. It is estimated that the $18.4 billion that Facebook is expected to raise in the IPO would be the second-largest in U.S. history, behind the $19.65 billion of Visa Inc. in 2008.
With the social media company going public, the move is likely to trounce other tech/Internet IPOs including that of companies like LinkedIn, Groupon and Zynga.
The move to go public comes after Facebook reported a 12% fall in first quarter profits to $205 million in late April 2012.
There has also been concerns over the value of advertising on the social media platform as some companies argue that they have not been seeing value for money, the Wall Street Journal reported. There has also been a concern over how the value of such advertising can be quantified.
Facebook CEO Mark Zuckerberg, who turned 28 this week, wrote to potential investors to affirm the company’s social mission even as it prepares to ask Wall Street for billions. Zuckerberg said, “(Facebook) was built to accomplish a social mission—to make the world more open and connected.”
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