Facebook IPO values company at $104 billion

Washington, May 18 (ANI): Facebook's initial public offering of common stock will be priced at 38 dollars a share, valuing the company at 104 billion dollars, which makes it the largest IPO for a U.S. tech company.

The IPO is set raise 16 billion dollars for the company.

According to ABC News, Facebook has raised its IPO price range to $34 to $38 a share, from $28 to $35.

The company is offering 421.2 million shares of common, which includes 180 million new shares that will be sold by the company and 241.2 million shares sold by existing shareholders, such as early investors and Facebook's founders.

All of the 421 million shares will be sold tonight at the offering price to those investors who met the minimum buy-in requirements, which were over millions of dollars for institutional investors. (ANI)