Facebook Raises $16 Bln in IPO

Offering is the biggest ever by a technology company.

Facebook Inc. raised $16 billion in the biggest initial public offering by a technology company in history, pricing the shares at the top end of an increased range.

The social network, led by 28-year-old Mark Zuckerberg, sold 421.2 million shares at $38 each, data compiled by Bloomberg show. This week, Menlo Park, California-based Facebook expanded the IPO to meet demand, allowing backers Goldman Sachs Group Inc. and Accel Partners to reap more gains.

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