Facebook prices IPO at $38 per share, giving it $104 billion valuation
Facebook's initial public offering was priced at the top of its targeted range to raise more than $16 billion in anticipation of a spike in the stock's value when it begins trading on Friday.
Facebook is selling a 15% stake at $38 per share, giving the company a valuation of $104 billion - higher than Hewlett-Packard and Dell combined.
Investor enthusiasm for Facebook shares comes despite questions about the company's long-term money-making capabilities and after lower revenue last month.
Facebook could raise more than $18.4 billion, making the IPO the second-largest in U.S. history after Visa.