Facebook Gets ‘FB’ Ticker Approval
Facebook, which is preparing for the biggest-ever techIPO, has received approval for its “FB” Nasdaq ticker symbol, according to a regulatory filing. Facebook outlined its plan to trade on the Nasdaq in an amended S-1 filing last month, ending speculation about the company’s likely home.
The Menlo Park, Calif.-based firm is expected to price its IPO on Thursday, and begin trading on Friday.
Facebook could raise as much as $13.6 billion, representing the maximum proposed size of the offering, which would reflect the sale of 388 million shares at $35 each.
Excluding an over-allotment of 50.6 million shares, however, and assuming an IPO price of $31.50 a share, the midpoint of its range, Facebook would raise $10.6 billion. The company estimates that the new proceeds from its offering will be about $5.6 billion, assuming a midpoint price range.