Facebook raises share price to give $100bn valuation
Facebook's upped the price for its shares from $28-$35 to $34-$38, potentially valuing the company at above the magic $100 billion mark.
It's added an extra 50.6 million shares to its offering, thanks to expectations that the IPO will be 'massively oversubscribed'. It's the seventh amendment to the SEC filing, and brings the total offering up to around 337.4 million shares.
This price would value the company at about the same as Amazon, and ahead of Disney and Ford. It'll be the most valuable company ever to go public in the US.
Facebook is expected to close the books later today - earlier than expected, thanks to the fact that the deal is oversubscribed. The price is expected to be confirmed by Thursday, with trading to start the following day.
Facebook would raise around $12.1 billion through the sale. It's not clear quite what the company plans to do with the money, although there have been strong indications that it plans to focus more on mobile.
While half the company's 900 million users say they access the site through a mobile device, the company makes little money from them, as mobile devices are singularly unsuitable for displaying ads.
The company intends to continue its roadshow, which is now heading for Kansas City and Denver. A Bloomberg poll has found that 79 percent of investors, analysts and traders said the company was over-valued; it doesn't seem to be too much of a problem.