Facebook Inc. plans to stop taking orders for its initial public offering tomorrow, two days ahead of schedule, according to a person with knowledge of the transaction.
The world’s biggest social network will probably finish taking orders for the IPO after U.S. markets close tomorrow, said the person, who declined to be identified because the plans are private. Menlo Park, California-based Facebook is offering about 337 million shares at $28 to $35 each.
The world’s most popular social-networking site, led by Chief Executive Officer Mark Zuckerberg, is seeking a market value of as much as $96 billion. In a Bloomberg Global Poll of 1,253 investors, analysts and traders, 79 percent said Facebook doesn’t deserve a valuation so high.
Facebook would surpass United Parcel Service Inc. as the most valuable company in history to go public in the U.S., according to data compiled by Bloomberg and Dealogic. UPS completed an IPO in 1999 with a market value of about $60.2 billion, the data show.
Facebook initially planned to finish taking orders on May 17, data compiled by Bloomberg show. The shares will be listed on the Nasdaq Stock Market under the symbol FB. Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc. are the lead managers for the sale.