Facebook has announced further details of its initial public offering of shares, which will see the social network raise up to USD 13.6 billion. The company will sell 180 million class A shares, and existing shareholders will offer 157.4 million in the offering on the Nasdaq market.
The underwrites may purchase another 50.6 million shares for over-allotments if needed. The shares will be offered at a price range of USD 28-35 each. At the midpoint of the range, after underwriter fees, the proceeds for the company alone would be USD 5.6 billion, or USD 5.8 billion if the greenshoe option is exercised.
Holders of Facebook's Class B shares will still have 96.3 percent of the voting rights in the company after the IPO. Founder and CEO Mark Zuckerberg will sell 30.2 million shares in the offering, but will continue to have a controlling 57.3 percent stake after the share offering.
