Facebook announced the IPO this afternoon, offering 421,233,615 shares of its common stock at a price to the public of $38 per share, putting it at about $16 billion, and valuing the company at over $104 billion.

Facebook says shares will begin trading on the NASDAQ under the symbol “FB.” The company is offering 180,000,000 shares of Class A common stock. Selling stockholders are offering 241,233,615 shares of Class A common stock.

According to the New York Times, it’s the third largest public offering in the history of the U.S. (just behind GM and Visa).

Wow. I hope it doesn’t become the next Myspace.

As a quick refresher, here’s what the company listed as risk factors.

Facebook says closing of the offering is expected to occur on May 22 (subject to customary closing conditions).

The company and stockholders have granted the underwriters a 30-day option to purchase up to 63,185,042 additional shares of Class A common stock “to cover over-allotments, if any.”

The IPO ‘s book runners are: Morgan Stanley, J.P. Morgan, Goldman, Sachs & Co., BofA Merrill Lynch, Barclays, Allen & Company LLC, Citigroup, Credit Suisse and Deutsche Bank Securities. RBC Capital Markets and Wells Fargo Securities are serving as active co-managers.