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Facebook Tickles Its IPO Again

The overallotment has also been increased from 50.6 million to 63.2 million

Facebook Wednesday upped the number of shares that will be sold when it IPOs Friday by almost 25% or 84 million shares to about 421.2 million shares of Class A common stock.

The overallotment has also been increased from 50.6 million to 63.2 million. If all 484.4 million shares move, it'd estimated $18.4 billion could change hands, up from $14.7 billion.

The added shares will be coming from early investors.

The move, which gains Facebook nothing, will also cut CEO Mark Zuckerberg's dominant voting power from 57.3% to around 55.8%.

Pricing remains, at least for the moment, at between $34 and $38 a share. It won't be locked down until Thursday night when it could be increased again. The range was between $28 and $35 until Tuesday and the stock has traded as high as $44 in the secondary markets recently.

Reuters said the increase in size would make it the third-largest initial share sale in US history after Visa and General Motors, which said Tuesday it was going to pull its Facebook ads because they were ineffective, a problem for wannabe Facebook stockholders who may be ignoring the social network's slowing monetization issues.

The Federal Trade Commission's decision to investigate Facebook's proposed Instagram acquisition and ask Google and Twitter what they think about it has apparently pushed the likelihood of it closing to sometime this year rather than this quarter.

Facebook's symbol on the Nasdaq will be BF.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at) or paperboy(at), and by phone at 516 759-7025. Twitter: @MaureenOGara

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