Facebook sets IPO share price at $38

Price is at upper end of expected range, company could raise $18.5B

With Facebook's long-anticipated IPO expected to hit on Friday morning, the company set its initial share price at $38 today.

On Tuesday, the company had raised the price range of its shares from $29-to-$34 per share to $34-to-$38 per share. The official opening pricing, which was nailed down after the close of financial markets, is at the highest end of that range, according to an early report from MarketWatch.

The social networking company is offering up about 421 million shares to potential investors. That means the company could raise upwards of $18.5 billion in its IPO.

Since Facebook is easily the largest and most well-known of any social network in the world, Friday's IPO is expected to serve as a harbinger for the business viability and valuation of other companies in the social networking world.

Sharon Gaudin covers the Internet and Web 2.0, emerging technologies, and desktop and laptop chips for Computerworld. Follow Sharon on Twitter at @sgaudin, on Google+ or subscribe to Sharon's RSS feed . Her email address is sgaudin@computerworld.com.

See more by Sharon Gaudin on Computerworld.com.

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