Facebook IPO adds 50.6 Million Shares and Adjusts Price: $34 to $38
We reported yesterday that Facebook was ready to close their books on their much anticipated IPO two days early as all of the shares were already spoken for. In fact, by most accounts the shares war already gone last Friday. Today Facebook has announced the availability of 50.6 million more shares and a revised price range of $34 to $38. This will make a lot of investors happy.
Here are some key statements from Facebook’s updated SEC S1 Filing:
“We and the selling stockholders have granted the underwriters the right to purchase up to an additional 50,612,302 shares of Class A common stock to cover over-allotments.”
“We anticipate that the initial public offering price will be between $34.00 and $38.00 per share.”
Facebook will make about $12.1 billion if you take the average $36 per share price, but if things fall pin the high-end of the spectrum they could raise well over $14 billion.
Take a look at Bloomberg’s coverage of the changes to the Facebook IPO:
No word yet on if the additional 50.6 million shares have already been snatched up, but I would predict that by Thursday there wont be anything left to trade. Remember, Friday is the first official day of the offering. We’ll keep you updated as news continues to roll in about the Facebook IPO.