Source: Julianne Pepitone / CNN Money
NEW YORK – Facebook’s long road to an initial public offering is coming to an end. Late Thursday, it will fill in one last piece of the puzzle: Its final IPO price.
That’s the price at which Facebook’s underwriters (including lead banker Morgan Stanley) will sell shares to their clients, which typically include large institutional investors, mutual funds and hedge funds. Some shares were made available to individual investors, but getting them typically requires either a lot of money or a lot of trading experience.
It also required moving fast. Many brokerages offering pieces of Facebook’s IPO allotment “closed their books” on Tuesday, meaning they stopped taking orders.
Facebook currently plans to price its shares in the $34 to $38 range, but that target isn’t binding and could still rise. The offering is expected to be heavily subscribed — investor response has been “nothing short of pandemonium,” one source familiar with the discussions told CNNMoney.
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