Web 2.0 News Desk
Facebook Ups Its IPO Price
The actual price won’t be set until Thursday night
By: Maureen O'Gara
May. 16, 2012 07:00 AM
You knew this was gonna happen, right?
Facebook has repriced its IPO upwards from $28-$35 a share to $34-$38 a share giving it a valuation of $92 billion-$104 billion, a neighborhood more to its liking than the original $77 billion-$96 billion. The actual price won't be set until Thursday night.
Bloomberg claimed the company's IPO roadshow was producing less institutional demand for the stock than expected because of less-than-rosy revenue forecasts last week - though the increase in the price would seem to belie that statement - and the AP and CNBC did a survey that found half the people polled thought the original asking price was too high - more among active investors.
Forty percent of active investors think Facebook wouldn't be a good investment; reactions depend on how old you are; 17% had doubts about Facebook's future as a public company; 14% - even active investors - don't care much for CEO Mark Zuckerberg.
He's only made a good impression on a third of the American public; 59% have little confidence in Facebook's privacy protections and close to 25% don't use the site specifically because of privacy concerns. Half of those who use Facebook daily wouldn't be comfortable buying things on it and 57% said they never click on the site's ads or sponsored content.
Half think it's a fad - and that includes Zuckerberg's constantly tethered peer group.
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