Facebook set to price initial public offering

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NEW YORK (AP) -- Facebook's initial public offering could be one of the largest in history if its stock prices at the high end of its expected range on Thursday.

Facebook Inc. will likely price its IPO late Thursday, meaning that the investment banks orchestrating the offering will determine the price at which they plan to sell the stock to their clients. Facebook's stock is expected to begin trading on the Nasdaq Stock Market on Friday.

At the top of its expected price range of $34 to $38 per share, the offering could reap a $16 billion windfall for Facebook and its selling shareholders. That would make it the third-largest U.S. IPO in history, according to Renaissance Capital. And it would be the seventh-biggest IPO in the world.