Apple Inc. announced on Thursday that it is seeking to raise $2.4 billion through a new public offering of stock.
The company said it would take advantage of the IPO’s market cap to accelerate its plan to build out its online presence and sell digital products.
The Apple IPO is expected to close at 10:00 a.m.
ET (1900 GMT) on Friday.
Apple Chief Executive Tim Cook will attend the IPO and will provide an update on the company’s efforts to grow its online business, the company said.
“The goal is to accelerate the growth of our online business,” Cook said in a statement.
“We believe this will enable us to invest more aggressively in the next generation of products and services, including new products, services and experiences, and create even more value to our customers and partners.”
Apple, which is valued at more than $2 trillion, said it plans to focus on its online services and products, with the goal of selling a variety of online offerings and services.
“As we build out our next-generation services and businesses, we will also invest in our customers’ loyalty programs and services,” Cook added.
Apple’s shares rose 4% to $67.68 at 1:50 p.m., the biggest gain among the Big Five tech giants.
The stock is down about 20% since the start of 2017.
Analysts had expected the IPO to close around $70 a share.
Apple shares are up more than 13% this year, although they haven’t been this high since the 2008 financial crisis.
Cook also announced that Apple has started work on a new virtual reality headset that would be aimed at the emerging virtual reality market.
The headset would be available to developers and consumers as early as 2020.
Apple plans to build its virtual reality business “on the basis of a combination of products, technologies and services from a variety, including augmented reality, virtual reality, augmented reality-enabled hardware, virtual virtual reality-based services, and other virtual products and solutions,” the company stated.
“Virtual reality products and experiences will include a number of services and platforms.”
Apple’s stock rose after the announcement.
The share price had been down more than 70% since July.
The new company has been growing its digital marketing business, including expanding its paid search platform and expanding the number of paid apps and services on the App Store.
It also plans to expand its iAd platform and its iTunes Music Store, Apple said.
It said it will also build out a digital entertainment platform and a digital gaming platform.
Apple said its new virtual technology will be “uniquely tailored for VR” and will have the potential to create a “unique new form of entertainment.”
The company also said it has already begun the process of expanding its digital business, but said it could “go into more detail” in the future.