Facebook co-founder Mark Zuckerberg has started a cross-country road show aimed at promoting the social network's upcoming Initial Public Offering (IPO).
Several institutional investors waited to get in the New York's Sheraton Hotel to hear 27-year-old chief executive ahead of the launch of the company's IPO. Zuckerberg was accompanied by Chief Financial Officer David Ebersman and Chief Operating Officer Sheryl Sandberg.
The social networking site is aiming to build up excitement around the IPO that is expected to value the Menlo Park, California at more than $96 billion. According to regulatory filing, Facebook is aiming for a market value of as much as $96 billion and is offering shares at $28 to $35 each for its IPO.
Facebook is expecting investors to pay 99 times earnings for its (IPO). The Menlo Park, California-based company is expecting to meet investors next week and will price the offering on May 17. At the higher proposed valuation, the company will be valued higher than many firms in the S&P 500.
Facebook, which is the world's largest social networking giant, is aiming to raise about $5 billion through the issue, which makes it the biggest IPO by an internet firm ever in silicon valley, even as the figure is about half of what was expected by many analysts in the market. The event will gather much interest in the Silicon Valley this year as Facebook joins many young firms in going public.
The company filling claimed that the company has 845 million users, which is about half of the total number of Internet users in the world. The company reported $1 billion in profits on $3.7 billion in revenue in the previous year, according to the filing.
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