Facebook to announce IPO range

Facebook Inc plans to raise more than $10 billion this month in Silicon Valley's largest-ever IPO, a source familiar with the IPO said.

The world's largest social network is pricing its initial public offering at a range with a midpoint of $31.50 per share, seeking a valuation of more than $85 billion, a second source said.

The mammoth IPO will be priced in the high-$20s to mid-$30s a share, a range expected to be announced later on Thursday when the company releases its latest prospectus, one of the sources said.

The Wall Street Journal earlier reported the IPO's pricing range, citing sources as saying that at that range, the world's largest social network would have a valuation of between $85 billion and $95 billion.

Facebook, which plans to list its stock on Nasdaq under the ticker "FB", will begin meeting with investors on Monday to promote a massive offering eclipsing Google Inc's 2004 coming-out party.