Technology Update: Business

Social networking giant Facebook has raised the price range for its Initial Public Offering to 34-38 dollars per share, according to a report. The firm had earlier set the price range at 28 to 35 dollars a share.
The Wall Street Journal quoted a source familiar with the matter, as saying that the spike in price was due to overwhelming demand by investors on the road show.

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According to the source, the California-based firm's initial price range put Facebook's valuation at 77 billion to 96 billion dollars, but that rises to 93 billion to 104 billion dollars under the new price range.
Facebook will pick a final price within the new range and file its final IPO documents with the Securities and Exchange Commission on Thursday evening, before its first day of trading Friday.

Are you interested to be the part of facebook by other than creating accounts and socializing with friends circle? If yes, the time has come to buy shares of facebook as facebook has filled for an initial public offering of shares in Us aiming to raise $ 5 Billion.

The filing with the SEC reveals details on the continued growth at the world’s largest social network.

The number of active users reached 845 million in December 2011, up by 39 per cent from a year earlier. Active daily users numbered 483 million in December, up by 48 per cent from a year earlier, and Facebook said over 425 million users were accessing the network from their mobile phone in December.

The company generated revenues of $3.71 billion in 2011, up from $1.97 billion in 2010, and its net profit improved to $1.00 billion from $606 million.

It had accumulated cash of over $3.9 billion by the end of 2011.

Facebook said it did not have a specific use in mind for the proceeds of the IPO.