Facebook sets $28 to $35 price range for IPO

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.