Facebook is preparing for one of the biggest ever US stock flotations on Friday, when it will sell off hundreds of millions of shares to the public.
The mammoth social networking site is expected to launch its initial public offering (IPO) on the Nasdaq Stock Market on Friday, and is projected to raise more than $16bn (£10bn).
With the anticipated price of the stock raised to a range of $34-$38 dollars a share (£21-£23), it is set to be the third largest US IPO in history, ahead of General Motors in 2010, according to Renaissance Capital.
It is also the most eagerly awaited IPO in years and would value Facebook overall at more than $100bn (£62.6bn).
Trading is set to begin under the ticker symbol "FB" two days after massive interest in the sale prompted the company to boost the number of shares it plans to sell.
Facebook board members Peter Thiel and James Breyer are among those selling more shares, but founder Mark Zuckerberg is not increasing the number he is selling.
Eight years after the concept of Facebook was dreamed up in a Harvard University bedroom, Zuckerberg has become one of the richest people in the US, with 55.8% voting control in the company.
Facebook said current shareholders are now offering approximately 241 million shares, up from about 157 million shares previously.
Investors such as U2 frontman Bono stand to make huge sums, with music magazine NME predicting the singer will become the richest rock star on the planet when the company floats.
However, a recent Bloomberg survey of 1,250 global investors, analysts and traders, 79% said Facebook's valuation was not justified, with only 7% deeming the valuation fair.
The site's revenue last year was $3.7bn, up from $153m in 2007, with the majority earned through advertising.
Facebook has more than 900 million users who log in at least once a month, but it makes only a few dollars per year from each one, chiefly through advertising.
Facebook to set final IPO price
Facebook IPO fuels Bay Area spending boom
Loading comments… 
PA/The Huffington Post UK | Posted: 17/05/2012 14:10 Updated: 17/05/2012 14:11