Facebook hikes IPO range to raise $12 billion

Facebook Inc has increased the price range in Silicon Valley's biggest-ever initial public offering to raise more than $12 billion, giving the No 1 social network a valuation potentially exceeding $100 billion. The company founded in a Harvard dorm room by Mark Zuckerberg raised the price target range to between $34 and $38 per share in response to strong demand, from $28 to $35, the company said in a filing with the US Securities and Exchange Commission on Tuesday.
That would value Facebook at roughly $93 billion to $104 billion, rivalling the market capitalisation of Internet powerhouses like Amazon.com Inc and exceeding that of Hewlett-Packard Co and Dell Inc combined. At the mid-point of $36, Facebook would raise $12.1 billion, eclipsing Google Inc's debut in 2004. Wall Street had expected the company to increase the price range, with investors keen to get a slice of a strong consumer brand.