Facebook sets initial public offering at $38 per share

LOS ANGELES (KABC) -- Facebook has priced its initial public offering of stock at $38 per share, the social network announced Thursday.

That number is the high end of its expected range of $34 to $38, meaning 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.

The Associated Press contributed to this report.

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