Facebook raises IPO range and targets USD12.1bn

Facebook has confirmed rumours that is raising its IPO share range on the back of strong investor demand in a move that will value the social network at more than USD100bn. The firm is raising is range to between USD34 and USD38 per share, up from between USD28 and USD35, meaning that the firm is now targeting a USD12.1bn public offering.

Facebook is now expected to start trading on Friday, two days ahead of schedule, in what is being described as a "well oversubscribed" round by Reuters sources. Hype continues to escalate around Facebook's IPO, in what is set to be the biggest public offered by a tech firm in history.