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Facebook IPO pricing at $38 per share

May 17, 2012: 2:14 PM ET

It finally happens.

FORTUNE -- The Wall Street Journal is reporting that Facebook (FB) "is close to pricing" its IPO at $38 per share, which is the top of its already-increased $35-$38 offering range. That would mean the company raised $16 billion, or $18.4 billion if the underwriters' over-allotment was exercised (which everyone assumes it will be).

[UPDATE: Facebook makes it official]

At $18.4 billion, Facebook would be the second-largest IPO in history -- just behind Visa's (V) $19.65 billion offering in March 2008 and just ahead of General Motors (GM) raising $18.145 billion in November 2010.

The $38 per share value, including the over-allotment, would give Facebook an initial market cap of nearly $84 billion. Fully-diluted, the figure surpasses $100 billion.

A Facebook spokeswoman declined to comment.

More to come shortly. In the meantime, some related links:

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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