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Facebook to sell 25% more shares

  • Facebook has announced it will sell 25 percent more shares than first planned in its flotation due to strong demand.

    The move comes a day after the social networking site said it would raise the share price by 21 percent to $34-$38 a share.

    Facebook will add about 84 million shares to its initial public offering and will now sell around 421 million shares, up from 337 million. The company is expected to raise $18 billion.