The world's largest social network Facebook will increase the size of its Initial Public Offering by almost 25 percent, possibly raising up $16 billion, the company said on Wednesday.
The company will add about 84 million shares to its offering, which will amount to 421.23 million shares with a price of $34-38 per share. The shares are expected to be finally priced on May 17.
One of the fastest-growing companies in the tech industry, Facebook filed for its IPO in March. Since then, demand for the company’s shares has increased on the secondary market to boost its valuation to $105 billion in some trades.
Facebook head Mark Zuckerberg will hold 55.8 percent of voting shares in the company after the IPO, up from a previously planned 57.3 percent.
Morgan Stanley investment bank is lead manager for the flotation.