A Facebook filing with the SEC released earlier today indicates the company will begin offering its shares in its public stock offering at $34 to $38 per share.
If Facebook sells all its shares at the high end of the price point indicated in the filing, the company"s valuation would be well over the anticipated $100 billion valuation that has been rumored for months. Facebook was previously rumored to be seeking a price point set at the "high-20s to mid-30s," according to Wall Street Journal sources.
The stock, which will trade under the symbol "FB" will also have more shares than originally planned in the event of over-allotments. The company will sell over 337 million shares before taking over-allotments into account, as indicated in the filing:
Facebook, Inc. is offering 180,000,000 shares of its Class A common stock and the selling stockholders are offering 157,415,352 shares of Class A common stock. We will not receive any proceeds from the sale of shares by the selling stockholders. This is our initial public offering and no public market currently exists for our shares of Class A common stock. We anticipate that the initial public offering price will be between $34.00 and $38.00 per share.
An additional 50,612,302 Class A shares will also be available to underwriters to cover over-allotments.
Facebook"s stock is expected to begin trading on the NASDAQ on Friday. It was revealed yesterday that Mark Zuckerberg will be ringing the opening bell from Facebook"s headquarters in Menlo Park, California, instead of at the NASDAQ headquarters in New York City.