Facebook Shareholders Hope to Sell More Shares

Facebook is making waves once again and the new waves deal with the IPO and the shares being sold. Facebook has released an updated filing, which increases the number of shares it is going to offer in the IPO to 421.2 million from 337.4 million it originally said it would offer. The increase in the shares comes from individual shareholders who are looking to cash out a larger number of their shares. Facebook is not selling additional shares. CEO Mark Zuckerberg’s voting share in the company has dropped from 57.3 percent to 55.8 percent with the increase of the individual shares. The price range per share increased yesterday to $34 to $38 per share. If the entire overallotment of shares is sold, the company could raise close to $18.4 billion.

Accel Partners will be selling 49 million shares, which is an increase from 38 million shares. Peter Thief, a venture investor, will be selling 16.8 million shares, which is an increase from 7.7 million shares. DST Global is selling 46 million shares, which is an increase from 26.3 million shares. Mail.ru Group Ltd is selling 19.6 million shares, which is an increase from 11.3 million shares. Goldman Sachs originally planned to sell 13.2 million shares. Now it is planning to sell 28.7 million shares, which is double their original amount.

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Posted by Jim Vassallo on May 16, 2012. Filed under Business News,Facebook. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.