Rumor: Facebook’s IPO Is Oversubscribed

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According to sources with Reuters, Facebook’s IPO is already oversubscribed. Facebook is expected to have their IPO sometime next week. The company has been on an investor roadshow throughout this week. Institutional investors have indicated that there is more demand for shares than what Facebook has available.

Facebook is seeking to raise about $10.6 billion by selling over 337 million shares at $28 to $35 per share. Facebook has over 900 million users and is competing directly against companies like Yahoo! and Google for online advertising revenue.

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