Facebook is now looking to raise about $12 billion

Facebook's $100 billion initial public offering (IPO) was already set to be one of the largest IPO's in the tech industry, but now, the social network is looking to surpass the $100 billion mark by raising another $12 billion.

According to a filing with the U.S. Securities and Exchange Commission, Facebook increased the price target range from $28-$35 per share to $34-$38 per share today. This values Facebook at about $93 billion to $104 billion, exceeding the $100 billion mark.

At about $36 per share, Facebook would raise $12.1 billion.

Social networking giant Facebook revealed that it was planning a 2012 IPO back in November 2011. The company was talking about raising $10 billion for the initial public offering. Many had previously thought a 2011 IPO was in the works, but a shaky economy and ongoing privacy battles with the U.S. government put everything on hold.

In February 2012, Facebook made the IPO official. The company said it was looking to sell $5 billion of its private shares and hoped to be valued at $100 billion.
The set date for the company to go public was May 18.

The social network plans to complete the IPO later today, which is two days ahead of schedule. Facebook is expected to price its shares on Thursday and begin trading under the ticker "FB" on Friday.

Facebook's IPO is the largest ever to come out of Silicon Valley. In 2004, Google raised nearly $2 billion. Last year, Groupon raised $700 million and Zynga raised $1 billion.

After the IPO is completed and Facebook begins trading, the social network plans to sell 12.3 percent of the company, or $337.4 million shares.

Source: Reuters

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