DTN News - TECHNOLOGY NEWS: Facebook Value Up To $104 Billion - Company Hikes IPO Price Range
(NSI News Source Info) TORONTO, Canada - May 16, 2012: A woman shoots video of the sign at the entrance to the Facebook main campus in Menlo Park, California, May 15, 2012. Facebook, the world's most popular internet social network, expects to raise USD $12.1 billion in what will be Silicon Valley's largest-ever initial public offering (IPO) later this week.
*Already expected to be the largest initial public offering for an Internet company, Facebook is making its IPO even bigger.
The world’s largest online social network on Tuesday increased the planned price range for its stock to $34 to $38 per share in a filing with the U.S. Securities and Exchange Commission. That’s up from its previous range of $28 to $35. At the upper limit of $38, the sale would raise about $12.8 billion.
The move, which values
Facebook as high as $104 billion, comes amid growing investor excitement about the offering. Analysts are comparing the frenzy surrounding
Facebook’s IPO to Google Inc.’s in 2004, though in sheer size the latter pales in comparison.
At the same time, half of Americans think the expected value for Facebook Inc. is too high, according to a new Associated Press-CNBC poll conducted before the company raised its expected stock price on Tuesday. Only one-third of those surveyed said they think Facebook’s expected value is appropriate.
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