Facebook raises IPO price range to $34 to $38 per share

New York, May 15 (ANI): Social networking giant Facebook has raised the price range for its Initial Public Offering to 34-38 dollars per share, according to a report.

The firm had earlier set the price range at 28 to 35 dollars a share.

The Wall Street Journal quoted a source familiar with the matter, as saying that the spike in price was due to overwhelming demand by investors on the road show.

According to the source, the California-based firm's initial price range put Facebook's valuation at 77 billion to 96 billion dollars, but that rises to 93 billion to 104 billion dollars under the new price range.

Facebook will pick a final price within the new range and file its final IPO documents with the Securities and Exchange Commission on Thursday evening, before its first day of trading Friday. (ANI)