Facebook joins US elite after $104bn IPO

Facebook became one of the 25 largest companies in the US overnight after pricing its initial public offering (IPO) at $38.

The price set by the group was at the upper end of the range previously mooted, giving the group a total valuation of $104bn. This puts the social media giant, founded by Mark Zuckerberg, among the largest companies in the US, after its record float. Demand in the run up to the IPO has surpassed analysts' expectations, and leaves Facebook sitting alongside long-established companies such as Microsoft. In total Facebook raised $16bn, making it the third-largest public offering in the US, behind those of Visa in 2009 and General Motors in 2010. If investors and underwriters sell an a...