Facebook ups IPO price to $12.8bn

Facebook has boosted the price range on its initial public offering to seek up to $12.8bn (€10.1bn), signalling chief executive Mark Zuckerberg expects demand for the social network to withstand recent market turmoil.

The new range is $34-$38 a share, a filing shows, implying a market value of as much as $104.2bn.

That would make Facebook, co-founded in 2004 by Zuckerberg, worth more than Citigroup and McDonald’s.