Facebook is revising the price range for its initial public offering to $34-$38 per share, according to people familiar with matter – a significant increase versus the prior range of $28-$35.
The social networking giant is expected to disclose the new range in an updated IPO filing with the Securities and Exchange Commission that could come as early as Tuesday morning, according to one of these people. At $38, the company would be valued at roughly $103 billion.
Facebook has seen strong demand from investors: the deal became highly oversubscribed only a few days after the company began marketing the deal on its IPO roadshow last week.
Facebook is expected to price the offering on Thursday night, and begin trading on the Nasdaq on Friday under the ticker “FB”.
The deal is being led by Morgan Stanley, JPMorgan and Goldman Sachs, with a total of 33 banks acting as advisors.
Facebook declined to comment on the IPO.
-- By CNBC's Kate Kelly and Jesse Bergman