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Facebook said to plan adding IPO price range to $34-$38 a share
Taiwan News, Staff Writer
2012-05-15 09:51 AM

Facebook Inc. plans to raise the price range for its initial public offering to $34 to $38 a share, according to a person with knowledge of the matter.

The new range, above the previous range of $28 to $35 a share, may be announced in a regulatory filing as soon as tomorrow, said the person, who asked not to be identified because the plans haven’t been made public.

Facebook, already planning the largest-ever Internet- company IPO, would raise as much as $12.8 billion and seek a valuation of as high as $104.2 billion, based on the high end of the new range. The company was already in a position to surpass United Parcel Service Inc. as the most valuable company in history to go public in the U.S., based on market capitalization, data compiled by Bloomberg and Dealogic show.

The company plans to stop taking orders tomorrow for its initial public offering, two days ahead of schedule, a person with knowledge of the transaction said earlier today. The offer of 337.4 million shares was oversubscribed, according to people with knowledge of the matter who declined to say by how much orders exceeded the amount of stock on offer.

“They’re swamped with the orders that are in,” said Jon Merriman, chief executive officer at investment firm Merriman Holdings Inc. in San Francisco. “They just need time to determine the price. They can send the message -- the books are closing, send in your orders now.”

The higher price range was previously reported by CNBC.

(Bloomberg)

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