IPO

Facebook expands IPO size, aims for $15 billion: source

Reuters News
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Posted: May 15, 2012 9:19 PM

SAN FRANCISCO (Reuters) - Facebook Inc is increasing the size of its IPO by 85 million shares to about 422 million, a source familiar with the matter told Reuters, raising more than $15 billion in Silicon Valley's largest market debut.

The increased volume comes just after the world's No. 1 social network hiked its price range to $34 to $38 a share, from $28 to $35 previously.

Facebook had originally intended to sell about 337.4 million shares. At a mid-point of $36, the company would raise $15.2 billion in one of the largest U.S. initial public offerings ever.

(Reporting by Olivia Oran; Editing by Paul Tait)