NEW YORK (AP/RNN) - Facebook says it has priced its initial public offering of stock at $38 per share.
That's the high end of its expected range of $34 to $38. It means investor demand is strong for the world's largest online social network.
Facebook now stands to reap as much as $18.4 billion from the IPO, if the extra shares reserved to cover additional demand are sold too. The offering values the company at around $104 billion.
It's the third-largest IPO in U.S. history, and the largest ever for a U.S. technology company.
"There's no question: It's a lot of money. It's evidence that entrepreneurs in the United States have been able to create extraordinary value with creative thinking," Larry Harris, a professor of finance and business economics at USC's Marshall School of Business, told the San Jose Mercury News.
Public trading on the stock will begin Friday morning.
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