Obviously responding to strong investor reaction, Facebook has decided to up the price of its shares.
The world's largest social network today revised its S-1 Registration Statement with the Securities and Exchange Commission (SEC), saying that it would offer its shares at between $34 and $38 apiece when it goes public. If the company sells all of its available common stock -- 337.4 million shares -- as well as the 50.6 million it's making available for overallotment at the top end of that range, it could now raise as much as $14.7 billion in the offering.
In a previous S-1 statement with the SEC, Facebook announced that it would price its shares between $28 and $35 when it goes public. That would have netted the social-networking juggernaut as much as $13.6 billion in the offering.
Facebook's decision to increase its IPO price range was rumored yesterday after All Things Digital's Kara Swisher cited unnamed sources who told her that the company was planning to increase its IPO price range. The move comes just a day after reports claimed Facebook's order-taking from investors was moving more quickly than expected, and could be fulfilled as early as today, rather than the expected Thursday close date.
Facebook, which has 901 million active users, according to its latest filing, is believed to be on track to officially price its shares on Thursday for a Friday IPO.
Update 4:41 a.m. PT to include more details.