NEW YORK -- Already expected to be the largest-ever initial public offering for an Internet company, Facebook is making its IPO even bigger.
The world's largest online social network has increased the planned price range for its stock to $34 to $38 per share in a filing with the Securities and Exchange Commission. That was up from its previous range of $28 to $35. At the upper limit of $38, the sale would raise nearly $13 billion.
The move, which values Facebook as high as $104 billion, comes amid growing investor excitement about the offering. Analysts are comparing the frenzy surrounding Facebook's IPO to Google Inc.'s in 2004.
Facebook would be the fourth-largest U.S. IPO in history, edging out AT&T Wireless, whose 2000 IPO raised $10.6 billion according to Renaissance Capital, an IPO investment advisory firm.
The IPO is expected to raise more than 10 times as much as the $1.67 billion raised in Google eight years ago. At a value of $38 per share, the high end of Facebook's expected range, Facebook would generate $6.84 billion on its shares. Existing stockholders would collectively make $5.98 billion.
Associated Press