As you may recall, Facebook originally said they would price their stock somewhere between $28 and $34, but as investor interest seemed to outweigh available shares of the company, Facebook and their underwriters decided to add over 50 million more shares to the offering and jack the price range up to between $34 and $38.
Now here we are on the eve of the IPO and we have the final word on what Facebook shares will cost. No surprise, $38 is the magic number. They have definitely been working that number up the scale as the week went on. I had a feeling the highest number would be the number.
Facebook will offer over 421 million shares of their company in tomorrow's IPO and they stand to generate a total of $16 billion. So if you're out to own a piece of social networking history or you just believe it is a wise investment, call your broker and get out your checkbook, it all happens first thing tomorrow. Check back here early tomorrow to see how the IPO is going.