(Corrects estimated amount to be paid to banks in second paragraph.)

Facebook Inc. (FB)’s underwriters are collecting a fee of 1.1 percent for handling the company’s initial public offering, people with knowledge of the matter said.

The world’s largest social networking service today raised $16 billion in the largest initial public offering for a technology company. That indicates that the fees paid to banks led by Morgan Stanley (MS) will total about $176 million. The people asked not to be identified because agreements with underwriters are private.

To contact the reporter on this story: Serena Saitto in New York at ssaitto@bloomberg.net

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