Facebook raises $16 billion in record technology offering

Facebook Inc. raised $16 billion in the biggest initial public offering by a technology company in history, pricing the shares at the top end of an increased range.

The social network sold 421.2 million shares at $38 each, a statement today shows. That values Facebook at $104.2 billion, making it the largest company to go public in the US by market capitalisation, according to data compiled by Bloomberg and Dealogic. Facebook, led by 28-year-old Mark Zuckerberg, this week expanded the IPO to meet demand, allowing investors Goldman Sachs Group Inc. and Accel Partners to reap more gains.

At the top end of Facebook’s planned IPO range, the social network’s market value amounted to more than $104 billion.

Read the full story on Bloomberg.

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