• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Facebook goes public at $38 per share

May 17 2012 22:59

New York - Facebook on Thursday announced a price of $38 per share for its record-setting initial public offering, which gives the leading social network a market value of $104bn.

The shares will begin trading on Friday on the Nasdaq, the company said in a statement.

Facebook said about 421 million share of its common stock will be sold at a price to the public of $38 per share. Facebook is offering 180 million and holders of previous shares selling 241 million.

A so-called over-allotment of up to 63 million shares will be made available to the underwriters, a consortium including Morgan Stanley, JP Morgan, Goldman Sachs and others.

That will mean one of the biggest IPOs for a US firm, raising between $16bn and $18.4bn.

Under the share plan, co-founder Mark Zuckerberg will hold 55.8% of the voting power, down slightly from an estimated 57.3%.

The 28-year-old controls the firm through a dual class stock structure and certain shares that give him a "proxy" for voting.

The net proceeds to the company were estimated at $6.4bn.

facebook  |  social media

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...