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Facebook Sets IPO Pricing Between $28 And $35

Update at 4:39 p.m. ET. $28 To $35:

The AP reports that Facebook has set a price range for its initial public offering between $28 and $35.

The AP adds:

"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."

That price range "would value the company at $77 billion to $96 billion," The Wall Street Journal reports.

Google was valued at $23 billion when it went public in 2004.

Our Original Post Continues:

The news on Facebook is ramping up as its initial public offering approaches. Today, there's news that Facebook will make its pricing official as markets close today.

Quoting a "person with knowledge of the matter," The New York Times says it "should be in the high $20s to mid $30s range," raising about $10 billion when it offers about 10 percent of its stock.

That would mean that Facebook believes it is worth $100 billion. That's in line with what Reuters is reporting.

Quoting "people familiar with the matter," The Wall Street Journal is reporting that Facebook plans to value itself at "$85 billion to $95 billion."

Yesterday, news broke that Facebook would go public on May 18.

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