NEW YORK (AP) — Facebook says 25 percent more shares will be sold as investors clamor for shares in the year's hottest stock offering.
Facebook said in a regulatory filing Wednesday that about 421 million shares will be sold, up from 337 million under its earlier plans.
The increased size signifies heavy investor demand for the shares. The news comes a day after Facebook raised the expected price range for the stock to a range of $34 to $38 per share, up from its previous range of $28 to $35.
If all the shares being offered — including more than 63 million more shares that the deal's underwriters can sell to cover excess demand — are sold at the high end of the expected price range, the social network's offering could raise more than $18.4 billion. That would make Facebook one of the biggest IPOs ever.
The IPO is the most hotly anticipated in years and would value Facebook overall at more than $100 billion.
In a filing with the Securities and Exchange Commission, Facebook says that the extra shares being made available are coming from its current shareholders. The selling shareholders are now offering approximately 241 million shares, up from about 157 million shares previously.
Facebook will not receive any proceeds from the stock sold by the selling shareholders.
The regulatory filing also disclosed that CEO Mark Zuckerberg will control about 55.8 percent of the voting power of the company's outstanding capital stock following the offering. This is down slightly from the 57.3 percent he was initially expected to have.
Facebook has more than 900 million users who log in at least once a month.
Morgan Stanley leads the team of 33 underwriters selected for the Facebook offering, followed by JPMorgan Chase and Goldman Sachs.
The offering is expected to set the final price Thursday evening. Shares would start trading on the Nasdaq on Friday under the "FB" ticker symbol.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Glastonbury police have arrested a man who they say was driving drunk and couldn't find his way out of the police department's parking lot.
The holiday season makes for crowded malls and one woman had quite the disturbing experience as she headed to the West Farms Mall. She was riding a public bus when a man took her by surprise, exposing himself.
A man was beaten and a shot was fired during a New London home invasion, where a 3-year-old was present on Tuesday.
A Stamford bank was robbed Tuesday by an armed man wearing a neck brace, who claimed he had nothing to live for.
An appeal notice has been filed by the former chairman of the tribe that owns Foxwoods Resort Casino who was convicted of embezzling tribal funds.
Tuesday night many folks are making the trek home during the evening rush hour and state police have some simple advice, which is take your time.
As we approach the one year mark of the tragedy at Sandy Hook, the state is spending millions of dollars to upgrade security at schools statewide. An international company with a huge operation in Connecticut is stepping up to help make many of those upgrades.
The slippery road conditions at the height of the storm led to an awful crash in Milford. A driver lost control of his car on Minuteman Drive slamming right into a house.
Ridgefield police and firefighters delivered a baby in a couple's home on Tuesday morning.
It's a story that folks are still talking about, even in the last 24 hours, we've received a dozen new calls on a story News 8 brought you last week about a woman being kicked out a court room for breastfeeding.