Facebook on track ahead of IPO
Facebook frenzy is spreading ahead of the company’s big-time stock market debut, with anything from Mark Zuckerberg’s hoodie to the billion-dollar buy of Instagram sparking controversy.
Speculation about the promise or pitfalls of owning a piece of the world’s leading social network was so feverish by the weekend that one report contended there was too much demand for the stock while another said it was lacking.
Facebook, already assured of becoming one of the most valuable US firms when it goes public, has been on an intense marketing drive ahead of its expected trading launch on the tech-heavy Nasdaq on May 18.
In a filing with the US Securities and Exchange Commission, Facebook set a price range of $28 to $35 for its shares, which would value the firm at between $70 billion and $87.5 billion.
When Google went public in 2004, its valuation was $23 billion, and now it has a market value of $200 billion.