Say goodbye to rumors and speculation and hello to facts, as Facebook officially announced the details of its upcoming initial public offering, which will begin trading May 18.
Here are the details:
- Facebook will price its shares Thursday, May 17, and begin trading Friday, May 18.
- Facebook’s stock will trade on the Nasdaq exchange, under the symbol “FB.”
- The social network will issue 337.4 million shares, and it filed with the Securities and Exchange Commission for a price range of $28 to $35 per share.
- CNBC’s Media Money pointed out that should Facebook shares end up trading at the midpoint of that range, the company would raise $10.6 billion and be valued at $86 billion, falling short of the $100 billion figure that has been bandied about for months.
- Facebook is selling 180 million shares, and it will keep the proceeds. The other 157.4 million shares in the offering are coming from stockholders, including 30.2 million shares that Co-Founder and Chief Executive Officer Mark Zuckerberg already holds and plans to sell, as well as another 30.2 million he will sell from options he is exercising for 60 million shares.
- According to Media Money, other sellers include Zynga Chief Operating Officer Mark Pincus, Accel Partners’ Jim Breyer, angel investor Peter Thiel, LinkedIn Founder Reid Hoffman, Accel Partners, Digital Sky Technologies, Goldman Sachs, Elevation Partners, Greylock Partners, Meritech Capital Partners, Microsoft, and Tiger Global.
- Those not selling as reported by Media Money: Chief Operating Officer Sheryl Sandberg, Chief Financial Officer David Ebersman, Marc Andreessen, former President Sean Parker, and Co-Founder Dustin Moskovitz.
- Facebook’s road show will kick off Monday with a lunch for investors in New York, and an electronic presentation is available here.