Facebook has raised the price range on its initial public offering to $34 to $38 a share in response to strong demand, giving the social network a valuation exceeding $100bn.
At the mid-point of $36, Facebook would raise $12.1bn by selling 337.4m shares. The company founded in a Harvard dorm room by Mark Zuckerberg, who turned 28 on Monday, had originally aimed for $28 to $35 a share.
Wall Street had expected the company to increase the price range, with investors keen to get in on Silicon Valley's largest-ever IPO that eclipses Google's 2004 debut. Its roadshow began last week and has drawn crowds.
The company plans to close the books on its IPO on Tuesday, two days ahead of schedule and in a signal that the landmark initial share sale is drumming up strong demand, a second source familiar with the deal told Reuters.
The social network is scheduled to price its shares on Thursday, then begin trading on Friday.
The IPO is already "well oversubscribed", which is why the company is closing its books earlier than anticipated, the source said.
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