Facebook hikes IPO range to raise US$12.1bil source

NEW YORK/SAN FRANCISCO (Reuters) - Facebook Inc has increased the price range in Silicon Valley's biggest-ever initial public offering to raise more than US$12 billion, a source familiar with the situation said, giving the No.1 social network a valuation potentially exceeding $100 billion.

The company founded in a Harvard dorm room by Mark Zuckerberg, who turned 28 on Monday, raised the price target to $34 to $38 a share in response to strong demand, from $28 to $35, the source said.