Facebook said Thursday that it set the price for its public offering at between $28 and $35 per share, which will raise up to $13.6 billion for the company's coffers.
Facebook will sell 337.4 million shares, according to the filing, sent to the Securities and Exchange Commission on Thursday. In total, 337,415,352 shares will be offered, of which 180 million shares will be offered by Facebook directly, from which the company will receive proceeds.
While the shares will undoubtedly be one of the hottest investments on Wall Street in a few weeks, they will, as noted earlier, not be a means for private equity to exercise and control over the company. Chief executive Mark Zuckerberg will either directly hold or control the voting power attached to 57.3 percent of the company's voting stock, the documents say.
Reports have previously indicated that the date of Facebook's IPO will be May 18, and that Facebook will begin its "roadshow," or its presentations to investors, on this coming Monday. The roadshow will feature chief operating officer Sheryl Sandberg as well as chief executive Mark Zuckerberg, although Sandberg and chief financial officer David Ebersman will do the bulk of the presentations, the Wall Street Journal reported.
By law, Facebook has already disclosed its most pertinent information inside of its S-1 filing, most recently with its first quarter earnings. Facebook disclosed then that it has over 900 million users, reporting profits of $203 million on revenue of $1.06 billion for the first quarter. The company's daily active users, meanwhile, increased to 526 million, up 41.4 percent.
Facebook also maintained its list of risk factors, what Facebook fears may negatively affect its business in the future. Those factors include retaining advertising, maintaining a relationship with Zynga, which generated 11 percent of Facebook's first quarter revenue, expanding its Payments platform, increasing mobile use of its apps, and, of course, continuing to grow.