Facebook increases IPO, could raise $16 billion

(CBS News) Facebook revised its S-1 filing with the Securities and Exchange Commission for the eighth time Wednesday.

Full coverage of Facebook at Tech Talk
Facebook ups IPO price range as offering nears
Investors cautious of buying Facebook stock

The social network increased its initial public offering (IPO) to 421.2 million shares to investors - up from the 388 million maximum shares the company originally posted. Facebook also raised its range for price per shares Tuesday. Originally $28 to $35, now the price per share is set between $34 and $38 per share.

Facebook reports 901 million monthly active users, 300 million photos uploaded per day and 125 billion friendships. An estimated 488 million people access Facebook via mobile products.

Facebook filed for its IPO on February 1, with Morgan Stanley as its lead underwriter. The social network will trade on the NASDAQ under the ticker symbol FB. Facebook is expected to begin trading on the Nasdaq Friday.


Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.

The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App