NEW YORK ( TheStreet) -- As Facebook's (FB) IPO draws ever closer, the social networker has again raised the size of its offering to meet burgeoning investor demand. Or it could be insiders cashing out, knowing there's not much upside left.
Facebook filed an eighth version of its S-1 on Wednesday, increasing the number of Class A common stock from just over 337 million shares to 421.2 million shares. The Menlo Park, Calif.-based firm, which is expected to debut on Friday, added 83,818,263 shares in total.
Facebook is still selling the same 180 million shares in the offering, but selling stockholders are selling 241 million shares, up from 157.4 million, something that investors need to pay attention to. This, however, could be nothing more than increased demand for Facebook's IPO, despite slowing revenue growth and rising costs.
Goldman Sachs (GS) has more than doubled the amount it is selling in the offering, according to the filing. It raised its stake from 13.189 million to 28.672 million shares. Venture capital firm Accel Partners also raised the amount of shares it's selling, now at 49 million versus 38.19 million previously.Russian venture capital firm DST, led by Yuri Milner, nearly doubled the amount of shares it's selling. DST now plans to offer 45.66 million shares, up from 26.25 million. Peter Thiel, co-founder of PayPal sharply raised the amount of stock he's selling in the offering. Thiel, who was one of the earliest investors in Facebook, is selling 16.8 million shares, up from 7.7 million. Hedge fund Tiger Global, Mail.ru and venture capital firm Greylock Partners also upped the stakes they are selling. Facebook raised the offering price of its IPO yesterday, increasing its projected range to between $34 and $38 a share, up from $28 to $35 a share. The company will trade on the Nasdaq under the ticker symbol "FB." Interested in more on Goldman Sachs? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
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