It’s official: Facebook is seeking to raise as much as $11.8 billion in its initial public stock offering, the most ever for a Web company, according to a regulatory filing.
The Menlo Park, Calif., company plans to sell about 337.4 million shares at $28 to $35 apiece, according to the filing Thursday. That range, which is preliminary, could value the company as high as $95 billion. The company was said to be looking initially for a valuation as much as $100 billion.
Facebook is likely now just two weeks from trading its stock for the first time in this hotly anticipated IPO. Its roadshow to pitch itself to institutional investors begins Monday.
Few expect Facebook to price at the low end of its range; there's been a rush of interest in the IPO despite underwhelming first-quarter financial results.