• Inside Labour

    A smokescreen of misleading rhetoric won't make SA's problems go away, says Terry Bell.

  • Singapore shows the way

    SA badly needs leaders like the man who turned Singapore around, says Leopold Scholtz.

  • Israeli high-tech flies

    There is rising demand for the country’s high-tech products, says Arthur Goldstuck.

Loading...
See More

Facebook goes public at $38 per share

May 17 2012 22:59

Related Articles

Apple co-founder gives Facebook a warning

Social gifting

 

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
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 

Money Clinic

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

Voting Booth

People who fall victim to Ponzi scams are:

Previous results · Suggest a vote

Loading...