Facebook expected to price at $38 — minimum

Facebook Inc., the world's most popular social network, is close to pricing its initial public offering for at least $38 a share, according to people familiar with the matter. The price may reach $39, said the people, who declined to be identified as the process is private. Bankers and Facebook executives were discussing the IPO price, which may still change, one person said. Facebook, led by Chief Executive Officer Mark Zuckerberg, is scheduled to price the IPO today. At $38 a share, Facebook would be worth more than $104 billion, more valuable than Standard & Poor's 500 Index members such as McDonald's Corp., Citigroup Inc. and Cisco Systems Inc. Facebook had planned to offer 421.2 million shares at $34 to $38 apiece, according to regulatory filings. Jonathan Thaw, a spokesman for Menlo Park, California-based Facebook, declined to comment. The price was previously reported by the Wall Street Journal. --Bloomberg News--