Facebook has set the price of its IPO expected to launch this month at between $28 to $35 a share.
Depending on what Facebook decides on as its final IPO price, the social network started in a Harvard dorm room will shoot to a valuation of $77 billion to $96 billion over night. This would be largest ever valuation for a Web company at the time of its initial public offering, far exceeding Google’s $24 billion back in 2004.
It is expected that this pricing will help Facebook raise as much as $13.6 billion for its company and the insiders who have already been granted stock. Mark Zuckerberg alone will now have a value of somewhere around $18.7 billion, and will control 57.3 percent of the voting power once the shares are issued.
The value of the company could go even higher in the coming weeks as it isn’t unusual for some price tweaking to happen after the initial price is set.