Facebook to sell 421 million shares

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MENLO PARK, Calif., May 16 (UPI) -- U.S. Internet giant Facebook Inc. is increasing the number of shares it will make available for its public debut, the Los Angeles Times reported.

Citing a CNBC report, the Times said Facebook is expected to put 421 million shares on the market, a 25 percent increase from previous estimates.

The company's initial public offering is expected to take place Friday with large Wall Street firms getting the first crack at company shares, which are expected to sell for $28 to $35.

That would raise about $15 billion and value the company at about $100 billion.

Morgan Stanley, Goldman Sachs and JPMorgan Chase & Co., which helped underwrite the IPO, will be at the head of the line as the shares go on the market, the Times reported.