Bloomberg News

Facebook Is Said to Be Near Pricing IPO for at Least $38

May 17, 2012

The Facebook Inc. website on a Blackberry 9900 smartphone. Photographer: Tomohiro Ohsumi/Bloomberg

The Facebook Inc. website on a Blackberry 9900 smartphone. Photographer: Tomohiro Ohsumi/Bloomberg

Facebook Inc. (FB:US), the world’s most popular social network, is close to pricing its initial public offering for at least $38 a share, according to people familiar with the matter.

The price may reach $39, said the people, who declined to be identified as the process is private. Bankers and Facebook executives were discussing the IPO price, which may still change, one person said.

Facebook, led by Chief Executive Officer Mark Zuckerberg, is scheduled to price the IPO today. At $38 a share, Facebook would be worth more than $104 billion, more valuable than Standard & Poor’s 500 Index members such as McDonald’s Corp., Citigroup Inc. and Cisco Systems Inc.

Facebook had planned to offer 421.2 million shares at $34 to $38 apiece, according to regulatory filings. Jonathan Thaw, a spokesman for Menlo Park, California-based Facebook, declined to comment.

The price was previously reported by the Wall Street Journal.

To contact the reporter on this story: Douglas MacMillan in New York at dmacmillan3@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

The Facebook Inc. website on a Blackberry 9900 smartphone. Photographer: Tomohiro Ohsumi/Bloomberg

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