Facebook sets price range for IPO
Facebook has set a price range of $28 to $35 for its initial public offering of stock. At the high end, it could raise as much as $11.8 billion. That's much higher than any other Internet IPO in the past, even Google's in 2004. The range came in a regulatory filing Thursday. The Wall Street Journal reported earlier today that the price range would value Facebook Inc. at $85 billion to $95 billion. Facebook is seeking a valuation of $85 billion to $95 billion when it goes public in a few weeks. Facebook executives, including CEO Mark Zuckerberg, are expected to go on an "IPO roadshow" soon to talk to potential investors about why they should invest in the stock. If all goes well, Facebook's stock is expected to price on May 17 and make its public debut on May 18. Facebook, based in Menlo Park, Calif., did not immediately respond to a request for comment from several news outlets.
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