Facebook raised the proposed deal size for its upcoming IPO on Tuesday. The social networking giant now plans to raise $12.1 billion by offering 337 million shares (47% insider) at a price range of $34 to $38. The company had previously filed to offer 337 million shares at a range of $28 to $35. At the midpoint of the revised range, Facebook would command a market value of $98.6 billion. At the high end of the range, the valuation would exceed $104 billion.
Facebook still plans to begin trading on Friday on the NASDAQ under the symbol FB. Morgan Stanley, J.P. Morgan and Goldman Sachs are the lead underwriters on the deal.
