After one week of marketing the offering in its road show, Facebook and underwriters decided to raise the IPO price range to $34-$38/share.
May 15, 2012 10:30am EST- Privately-held Facebook, Inc. (NASDAQ: FB [pending]) (PrivCo Private Company Ticker Symbol: FACEP) just amended its S-1 overnight, offering more details on the upcoming IPO.
Facebook’s amended S-1 includes the following:
- Facebook updated its IPO price range from $28-$35/share to $34-$38/share based on discussions with underwriters after one week of marketing the offering in the road show.
- According to PrivCo analysis based on 2.513 billion fully diluted shares outstanding, the updated IPO price range values Facebook between $85.4 billion and $95.5 billion.
- Facebook’s IPO has been largely over-subscribed, and the green-shoe over-allotment option of 50.6 million shares (15% of the 337.4 million initial offering) is virtually guaranteed to be exercised according to PrivCo’s sources close to Facebook’s IPO.
- Should Facebook offer the 337.4 million IPO shares plus the 50.6 million green-shoe shares, Facebook’s 388 million total shares sold will raise between $13.2 billion and $14.7 billion at the new price range.
- PrivCo anticipates Facebook’s final IPO price, which will be set on Thursday, May 17, could rise higher than the updated $34-$38 range.
- On Monday, Facebook officially registered its Class A shares under the “FB” ticker on the NASDAQ exchange.
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