Facebook Inc Tuesday said it plans to raise the price range for its initial public offering to $34 to $38 a share , the news reports said.
The new range above the previous range of $28 to $35 a share will be announced in a regulatory filing.
The social networking website which is already planning the largest-ever Internet company IPO will raise as much as $12.8 billion. It also seeks a valuation of as high as $104.2 billion based on the high-end of the new range.
The company was already in a position to surpass United Parcel Service Inc as the most valuable company in the history to go public in the United States based on the market capitalization.
Facebook also plans to discontinue taking orders from today for its IPO, 2 days before schedule .
The offer of 337.4 million shares was oversubscribed as sources did not wish to say by how much orders exceeded the amount of stock on offer.
The social networking service had initially planned to finish taking orders on May 17. Its shares would list on the Nasdaq Stock Market under the symbol FB.
The lead managers for the sale are Morgan Stanley, JP Morgan Chase & Co and Goldman Sachs Group Inc.
Facebook is an American multinational Internet company that runs the social networking website Facebook. As of April 2012, Facebook has more than 900 million active users.