Facebook has set a target price for its 18 May launch on the Nasdaq stock market, which values the entire company at betetween $77 billion and $96 billion (up to £59bn).
The price, between $28 and $35 per share, could value Facebook at roughly double HP ($49.5bn) and in the same league as existing tech stocks, though falling just short of the round $100 billion figure that had been mooted. Facebook will be selling a small percentage of non-voting stock, raising perhaps $13 billion in actual money.
Mark Zuckerberg is selling 30 million shares, which should make him a cash billionaire.
The social giant’s road leading up to the proposed May IPO has been eventful to say the least. In addition to the $1 billion purchase of Instragram, the company has been forced to deal with patent litigation from the likes of Mitel and Yahoo, prompting a portfolio acquisition from IBM and subsequent countersuit against the latter company.
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