With just two days to go before Facebook stock is public, the company has decided to increase the number of shares it will offer up.
In an amended registration document this morning, Facebook listed that it was bringing the total number of shares it plans to sell to 421 million. This represents an increase of 83.8 million over the original offering and could end up raising $16 billion should the shares sell at the $38 price Facebook has targeted on the high end.
With the addition of these shares, Facebook could definitely be entering into the big leagues of stocks. These new numbers will make it the largest technology IPO ever by a large margin – the previous being AT&T with $10 billion in 2010 according to Fortune – and the third largest ever on a U.S. stock exchange. The top two spots are held by Visa in 2008 with $19.65 billion and General Motors in 2010 with $18.145 billion.
These new shares appear to coming from existing shareholders such as Accel Partners, and do not represent an increase in the overall value of the company.