Facebook ups IPO share price to $34-$38
MENLO PARK, Calif. (KGO) -- Just when you think the Facebook IPO could not get any hotter, the Menlo Park-based company raised its stock price for shares hitting the market for the first time this Friday.
The company is closing the book on its initial public offering today two days early because the IPO is well over-subscribed. The new price is between $34 and $38 a share. That's up from the original estimate of $28 to $35. The company is looking at a $10.6 billion IPO on Friday.
Also, a new Associated Press-CNBC poll out today sheds some light on if people think the company is worth it. Fifty percent of people surveyed think the price it too high and 50 percent also think Facebook is a good bet. At the same time, 51 percent of young adults predict Facebook's appeal will fade down the road.
Time will tell, 28-year-old founder Mark Zuckerberg will still be a billionaire. He's scheduled to ring the opening bell from Menlo Park on Friday, not New York.
Facebook's ipo is being called the biggest since Google. In 2004, Google sold fewer than 20 million shares at $85 apiece. Facebook is selling some 300 million for $35 to $38 a share. When this is over, Facebook's expected value will be $100 billion.
facebook, mark zuckerberg, social media, technology
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