Facebook Inc. raised the price range for its initial public offering. The stock was said to open at $28 a share. Then it was bumped up from $28 to $34. We then heard that the stock was bumped up again to $34 to $38 a share. This makes Facebook’s IPO to raise 12.1 billion. Making it Silicon Valley’s biggest public offering.
Facebook executives have been pitching the social network’s stock to investors on a roadshow since last Monday.
The jump in price was said to be due to overwhelming demand by investors on the roadshow. The company’s initial price range put Facebook’s evaluation at $77 billion to $96 billion With this recent hike puts Facebook’s evaluation at $93 billion to $104 billion. Facebook will pick a final price Thursday Night. Thursday night its final IPO documents must be filed with the Securities and Exchange Commission. They must do this before its first day of trading Friday.
A new poll out by Associated Press-CNBC poll
shows more then half of Americans think Facebook is a fad and that it will be the next MySpace.