Facebook boosts number of IPO shares by 25%

May 16, 2012 |

New York

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Facebook on Wednesday boosted by 25 per cent the number of shares for sale at its stock market debut, amid signs of strong investor demand for its initial public offering this week.

The move by the Internet giant comes one day after it filed paperwork with the US Securities and Exchange Commission raising its IPO share price from a range of $28 to $35, to between $34 to $38 per share. Facebook's IPO is likely to take place on Friday.

The raised IPO share price, as well as the increase in the number of shares available, reflects confidence in stock for the the Menlo Park, California-based company.

Facebook is already assured of becoming the most valuable US Web company at the time of an IPO, topping Google's $23 billion valuation in 2004.

Trading is expected to begin on Friday under the symbol 'FB' on the technology-heavy Nasdaq.

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