Facebook sets price range of $28 to $35 for IPO

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NEW YORK (AP) — 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 Thursday.

The Wall Street Journal reported earlier Thursday that the price range would value Facebook Inc. at $85 billion to $95 billion.

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