Facebook sets richest tech IPO in motion

US: Facebook on Thursday set in motion the richest-ever share offering for a technology firm, raising $16 billion in an operation valuing the world's biggest social network at $104 billion. Facebook stock, priced at $38 per share, the top end of its estimate, was to begin trading Friday under the symbol "FB" on the Nasdaq, the company said in a statement.

The announcement comes amid keen anticipation among investors for a piece of the world's biggest social network, which grew from a Harvard dormitory project in 2004 to more than 900 million members.

Facebook said 421 million shares of common stock will be offered at $38 in the initial public offering (IPO). Facebook itself is selling 180 million and holders of previous shares are selling 241 million. AFP