Facebook finalized the price for its share at $38 on Thursday in one of its final steps before going public less than 24 hours later.
CNBC first reported that the price was locked at $38. The network also reported that at the price Facebook CEO Mark Zuckerberg is instantly worth $20.3 billion.
The network also said Zuckerberg immediately plans to sell 30.2 million shares of Facebook worth $1.14 billion and use the money to buy more shares.
The Menlo Park-based social-networking company is largely expected to go public Friday. Shares were expected to be priced somewhere between the $34 to $38 range.
Earlier this week it was expected that Facebook's IPO price would be set lower, somewhere between $28 to $35, but the buzz around the company and reports that the IPO is already oversubscribed has pushed the projected price up.
Facebook also issued more shares Wednesday to keep up with the anticipated demand.
The company's valuation is expected to be between $93 billion to $104 billion under the new range.