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Facebook sets $28 to $35 price range for IPO

Thu., May 3, 2012, 12:58 p.m.

NEW YORK — Facebook has set a price range of $28 to $35 for its initial public offering of stock.

At the high end, this could raise as much as $11.8 billion.

That’s much higher than any other Internet IPO in the past, even Google Inc. in 2004.

The range came in a regulatory filing today.

The Wall Street Journal reported earlier today that the price range would value Facebook Inc. at $85 billion to $95 billion.

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