Facebook stock priced at $38
Published:Thursday | May 17, 2012 | 4:28 PM
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.
AP