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Published on May 18, 2012
Facebook Inc. made a market splash on Friday (May 18) as its executives, including CEO Mark Zuckerberg, rang the opening bell at the Nasdaq, signaling the beginning of the day's trade and the company's debut on the stock market.
Facebook shares will begin trading at around 11 a.m. (1500 GMT) when it is set to become the first U.S. company to be worth more than $100 billion U.S. dollars at its debut.
The bell was rung remotely by Zuckerberg and his executives from their Menlo Park, California, headquarters.
This week, Facebook increased the size of its initial public offering (IPO) by almost 25 percent to 421 million shares, or a 15 percent stake in the company -- a day after hiking its target price range about 14 percent.
More than half of the proceeds of the IPO will go to existing shareholders, including early backers such as Accel Partners and Russia's DST Global.
The more bullish had expected Facebook to price at $40 (USD) per share. However, the Nasdaq Composite Index fell by more than 2 percent on Thursday (May 17), quelling such optimism.
Facebook has 33 underwriters for the IPO, led by Morgan Stanley, JPMorgan and Goldman Sachs.