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MENLO PARK, Calif. (


) - After months of speculation,


(FB) - Get Meta Platforms Inc. Class A Report

priced its eagerly-anticipated IPO at $38 a share after market close on Thursday as the social networker gears up for the biggest ever offering from a tech company.

The price of $38 a share will give Facebook a valuation of $104 billion, significantly above the market caps of tech heavyweights


(DELL) - Get Dell Technologies Inc Class C Report



(HPQ) - Get HP Inc. Report

. At $38 a share, the offering will raise more than $16 billion.

In a statement released after market close on Thursday, Facebook confirmed that shares are expected to begin trading on the

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on May 18, under the symbol 'FB.' Closing of the offering is expected to occur on May 22, the company said.

Facebook increased the price range for its offering to between $34 and $38 a share earlier this week, underlining the intense investor interest in the sale. The Menlo Park, Calif.-based firm had initially projected a range of $28 to $35 a share. On Wednesday, Facebook revised its S-1 filing yet again,


83 million shares to the offering.


will be live-blogging Facebook's IPO, starting at 8 a.m. ET on Friday:

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Written by James Rogers in New York.

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