BREAKING NEWS

Facebook increases IPO range to raise $12.1 b.

By REUTERS

MAY 15, 2012 19:40

NEW YORK/SAN FRANCISCO - Facebook Inc increased the price range on its initial public offering an average of 14 percent to raise more than $12 billion, giving the world's No. 1 social network a valuation potentially exceeding $100 billion.

The company, founded eight years ago by Mark Zuckerberg in a Harvard dorm room, raised the target range to between $34 and $38 per share in response to strong demand, from $28 to $35, according to a filing with the U.S. Securities and Exchange Commission on Tuesday.

That would value Facebook at roughly $93 billion to $104 billion, rivaling the market capitalization of Internet powerhouses such as Amazon.com Inc, and exceeding that of Hewlett-Packard Co and Dell Inc combined.

Facebook also extended the time frame for its $1 billion acquisition of mobile app maker Instagram, projecting that the deal would close in 2012 instead of closing in the second quarter as it had previously indicated.

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