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MENLO PARK, Calif. (

TheStreet

) - After months of speculation,

Facebook

(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

(DELL) - Get Dell Technologies Inc Class C Report

and

HP

(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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Nasdaq

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,

adding

83 million shares to the offering.

TheStreet

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

Where do you think Facebook shares will close on their first day of trading? Why not tell us in

TheStreet's

Facebook IPO poll

.

--

Written by James Rogers in New York.

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