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Official: Facebook to sell shares at $38, values company at $104bn

Official: Facebook to sell shares at $38, values company at $104bn
Billionaire Mark will be born on Friday morning

Facebook will officially begin trading at $38 (£24) per share on Friday morning in what will be the biggest IPO ever from an internet company.

After months of speculation, and a week of last minute adjustments from Facebook, Friday's listing on the NASDAQ index will raise $16 billion (£10bn) for Mark Zuckerberg's company.

The CEO himself, who founded the company in his Harvard dorm, is expected to become an instant billionaire, selling over 30m shares to net over $1.1bn (£700m).

The $38 shares, which will be available to buy to the public, will see the company valued at a staggering $104 billion (£66bn) overall, with $81 (£51bn) market capitalisation.

Dwarfing Google

The $16 billion-valued IPO dwarfs the previous mark achieved by an internet company.

Google hit the stock market in 2004 in the years following the dotcom bust, and raised $1.67bn (£1.05bn)

Facebook's offering, however, is in a completely different stratosphere.