In the latest news about Facebook's imminent IPO is that they have increased the opening amount of shares by 84 million, which is about 25% more than what was originally planned to be on sale. These new shares, however, won't be coming from the company itself. Rather, the new shares will be on sale by early investors.
The strong demand by investors for stock in the social networking giant has prompted the change in plan. The additional 84 million shares brings the total number of shares up to 421 million that will be on sale when the company goes public on Thursday. It's possible that not even the increased amount of shares will be able to meet demand.
Originally it was expected that the IPO of Facebook would raise somewhere around $10.6 billion, depending on investor interest. With the increase of shares and interest, it is now expected that the IPO could raise $16 billion. Mark Zuckerberg will retain 55.8% of the company, which will give him a small majority.
- >> NEXT STORY: Google patents Project Glass augmented reality glasses
- << PREVIOUS STORY: Verizon 4G LTE network will expand on May 17 to 28 new cities