May 15 - Facebook has increased the price range of its initial public offering to raise more than $12 billion dollars, giving the company a potential value of more than $100 billion. Bobbi Rebell reports.
Silicon Valley's biggest-ever initial public offering just got bigger. Facebook has increased the price range of its deal to raise more than $12 billion. That would give the top social network a valuation potentially exceeding $100 billion dollars. It would rival internet powerhouse Amazon, and exceed that of Hewlett Packard and Dell combined. Responding to strong demand, Facebook raised its price target range to between $34 and $38 a share, up from $28 to $35. The IPO roadshow has drawn crowds of investors from coast to coast. A source tells Reuters Facebook plans to close the books on its IPO late Tuesday- two days ahead of schedule- because the deal is already well oversubscribed. Shares are scheduled to price on Thursday. Trading would begin on Friday. Bobbi Rebell, Reuters