Facebook IPO price values firm above $70 bn

May 04, 2012 |

New York

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Facebook is proposing a price range for its hotly anticipated public offering which would value the social network between $70 billion and $87.5 billion, documents showed on Thursday.

The regulatory filing calls for shares to be priced between $28 and $35, which would set a value below some estimates of $100 billion for the world's biggest social network.

At the midpoint of the price range, the sale of 337 million shares would generate $10.6 billion, making Facebook's offering the largest IPO of a tech firm and one of the biggest on US soil.

The net proceeds for Facebook at that price would be $5.6 billion, excluding fees and commission, as well as the 157,415 million shares sold by holders of the previously issued shares.

Trading was expected to be launched May 18, according to news reports.

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