05/17/2012 04:17 pm ET Updated Jul 17, 2012

Facebook Prices IPO At $38 Per Share (UPDATE)

Facebook announced on Thursday afternoon that it has set the price of its initial public offering.

According to a press release, the company will sell 421,233,615 shares of its common stock at $38 per share.

Facebook will raise $16 billion, making this the largest IPO of an Internet company. Facebook's value is now $104.12 billion.

Shares will begin trading on the NASDAQ on Friday under the ticker symbol "FB."

The social network on Wednesday upped the range of the offering by 25 percent. In a filing with the Securities and Exchange Commission, Facebook set a new target of $34 to $38 per share, up from $28 to $35.

According to Reuters, Facebook's IPO is larger than those of computer behemoths HP and Dell, combined. Google, which began publicly trading in 2004, raised only $1.67 billion in its IPO.

Facebook's public debut is also likely to outshine that of nearly every other public company on the planet. Writes the AP, "Facebook is the third-highest valued company to ever go public, according to data from Dealogic, a financial data provider. Only the two Chinese banks have been worth more."

Many expect the stock to enjoy a strong first day of trading.

From TechCrunch:

Because Facebook priced at the higher end of its $34 to $38 price range, this suggests that there will unsurprisingly be a lot of demand tomorrow. Bankers will want to price the deal so that there’s a bit of a pop for good publicity, but Facebook won’t want to underprice the deal so much that they leave billions of dollars on the table.

CORRECTION: This story has been updated to clarify that Google raised$1.67 billion in its IPO.

Check out the slideshow (below) to see how Facebook's IPO compares to the biggest Internet IPOs of the last decade.

Top Technology IPOs Of The Last Decade

Flip through some early reactions from tweeters after Facebook announced its IPO pricing.

Twitter Reactions To Facebook IPO