Facebook raised about $16 billion on Thursday by selling close to 421 million shares at $38 each, making it the largest internet IPO. Facebook’s market cap stands around 104 billion.
Shares are expected to begin trading on the Nasdaq today under the FB symbol at around 11 a.m. EST.
Facebook CEO and founder Mark Zuckerberg rang the opening bell today from Hacker Square at Facebook’s Menlo Park, CA headquarters.
Last night approximately 500 Facebook employees stayed up all night during a Hack-athon, an event in which computer programmers and developers collaborate intensively on software related projects.
Facebook is priced at the high end of its range of $34 to $38 a share, partly due to high expectations for the number one social network that boasts 900 million users.
Facebook is expected to place more emphasis monetizing sales for shareholders, especially in critical areas such as mobile advertising which the company has been slow to enter.
Comscore figures show that mobile users access Facebook for 7 hours compared to 6 hours on the computer.
Even with the most bullish estimates, Facebook could be able to generate up to $2.54 billion in revenue from new mobile traffic in 2012, up 68% from 2011, according to market researcher Chitika.
Facebook also faces challenges with traditional web advertising and encouraging their users to utilize display ads.
General Motors recently pulled their display advertising. Still Facebook is the dominant player in the U.S. display market.
In 2011 Facebook increased its market share of total display-ad impressions to 28 percent from 21 percent a year prior, according to Business Insider.