Facebook sets $28 to $35 price range for IPO

May 3, 2012

NEW YORK — Facebook has set a price range of $28 to $35 for its initial public offering of stock.

At the high end, this could raise as much as $11.8 billion. That's much higher than any other Internet IPO in the past, even Google Inc. in 2004.

The social network is now likely only about two weeks away from a final pricing and the first trading of its shares on the Nasdaq Stock Market, under the symbol FB, reports the Wall Street Journal. The company is planning to start its roadshow to pitch its stock to investors on Monday, people familiar with the matter have said.

“Some people will buy Facebook stock no matter what -- they’ll just buy it,” one analyst told Bloomberg News. “There’s going to be an initial push of enthusiasm and money, but ultimately, in a year or so, it will come down to valuation metrics. It has to.”