Facebook Inc. raised $16 billion in the biggest initial public offering by a technology company in history, pricing the shares at the top end of an increased range.

The social network sold 421.2 million shares at $38 each, a statement today shows. That values Facebook at $104.2 billion, making it the largest company to go public in the US by market capitalisation, according to data compiled by Bloomberg and Dealogic. Facebook, led by 28-year-old Mark Zuckerberg, this week expanded the IPO to meet demand, allowing investors Goldman Sachs Group Inc. and Accel Partners to reap more gains.