Wednesday, May 16, 2012

Facebook boosts number of IPO shares

Facebook Inc. has increased the number of shares it will offer in its initial public offering.

The social networking company says it now plans to issue an additional 85 million shares, for a total of 421.4 million shares offered.

The boost comes a day after Facebook raised the proposed price for the offering to as high as $38 per share.

If the offering goes through at those numbers the company could raise more than $16 billion.

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