Facebook Inc. has raised the price range of its initial public offering to between US$34 and US$38 a share, The Wall Street Journal (WSJ) reported late on Monday. Facebook could mop up more than US$12bn at the revised IPO price range, according to reports.
The IPO price range was initially set at US$28 to US$35 a share, valuing the social networking titan at US$77bn to US$96bn, according to the WSJ report. The new price band would value Facebook at roughly US$93bn to US$104bn, reports said.
The Facebook IPO roadshow began last week.
Facebook plans to close the books on its IPO on Tuesday, two days ahead of schedule, reports said.
The technology company is scheduled to price its shares on Thursday and is due to begin trading on Friday.
Google raised just shy of US$2bn in 2004, while last year Groupon tapped investors for US$700mn and Zynga US$1bn.