NEW YORK (AP/RNN) - Facebook says it has priced its initial public offering of stock at $38 per share.
That's the high end of its expected range of $34 to $38. It means investor demand is strong for the world's largest online social network.
Facebook now stands to reap as much as $18.4 billion from the IPO, if the extra shares reserved to cover additional demand are sold too. The offering values the company at around $104 billion.
It's the third-largest IPO in U.S. history, and the largest ever for a U.S. technology company.
"There's no question: It's a lot of money. It's evidence that entrepreneurs in the United States have been able to create extraordinary value with creative thinking," Larry Harris, a professor of finance and business economics at USC's Marshall School of Business, told the San Jose Mercury News.
Public trading on the stock will begin Friday morning.
Copyright 2012 Associated Press. All rights reserved.
Saturday, July 26 2014 1:38 AM EDT2014-07-26 05:38:59 GMT
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