::::Facebook raises IPO range, targets $12.1 bln: source::::

<div class=&quot;custm_img_blk&quot;><img src=&quot;http://www.techgig.com/files/photo_1337045343_temp.jpg&quot; border=&quot;0&quot; width=&quot;250&quot; height=&quot;200&quot; align=&quot;left&quot; /></div><p>Facebook Inc has raised the price range on its initial public offering to $34 to $38 a share in response to strong demand, a source familiar with the situation said, giving the No.1 social network a valuation exceeding $100 billion.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>At the mid-point of $36, Facebook would raise $12.1 billion by selling 337.4 million shares. The company founded in a Harvard dorm room by Mark Zuckerberg, who turned 28 on Monday, had originally aimed for $28 to $35 a share.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>Wall Street had expected the company to increase the price range, with investors keen to get in on Silicon Valley's largest ever IPO that eclipses Google Inc's (<span>GOOG.O</span>) 2004 debut. Its roadshow began last week and has drawn crowds.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>The company plans to close the books on its IPO on Tuesday, two days ahead of schedule and in a signal that the landmark initial share sale is drumming up strong demand, a second source familiar with the deal told Reuters earlier.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>The social network is scheduled on Thursday to price its shares, then begin trading on Friday.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>The IPO is already &quot;well oversubscribed,&quot; which is why the company is closing its books earlier than anticipated, the source said.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>The raised price range marks an increase of 21 percent on the lower end. A hike of more than 20 percent typically means the company would have to file an amendment with the Securities and Exchange Commission.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>Company spokesman Jonny Thaw declined to comment on Monday.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>The IPO comes amid concerns from some investors that Facebook hasn't yet figured out a way to make money from an increasing number of users who access the social network on mobile devices such as smartphones.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>Facebook will continue with its roadshow for the rest of the week, said a third source familiar with the deal, and investors who haven't yet attended a roadshow presentation will still be able to place orders.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>Company executives met with prospective investors in Chicago on Monday and are slated to travel to Kansas City and Denver, before returning to Menlo Park, California, where Facebook is headquartered.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>A host of Wall Street banks are underwriting Facebook's offering, with Morgan Stanley (<span>MS.N</span>), JPMorgan (<span>JPM.N</span>) and Goldman Sachs (<span>GS.N</span>) serving as leads. Facebook will trade on Nasdaq under the symbol FB.</p><p style=&quot;margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding: 0px&quot;>CNBC reported the higher price range earlier, citing sources.</p>

<a href='http://techgig.com/tech-news/editors-pick/Facebook-raises-IPO-range-targets-12-1-bln-source-12375'>View More</a>