Is Facebook raising its IPO range?

May 14, 2012

FORTUNE -- Last week, Bloomberg reported that Facebook was getting "weaker than forecast" demand for its upcoming IPO. A few hours later, Reuters reported that the offering was already oversubscribed. It would seem that Reuters was the one to trust.

Maureen Farrell of CNNMoney, a sister site to Fortune.com, just tweeted that Facebook tomorrow is expected to raise its IPO offering range from $28-$35 per share to $35-$40 per share.

That would increase the social network's top-end valuation to $85.5 billion, or nearly $113 billion billion fully-diluted. It also could increase the total amount raised to around $13.5 billion.

For context, Facebook valued its shares at $30.43 last month, according to disclosures related to its purchase of Instagram.

Facebook is expected to price its shares this Thursday, which means it would begin trading Friday on the Nasdaq under ticker symbol FB. That said, Farrell tells me that the underwriters -- including leads Morgan Stanley (ms), J.P. Morgan (gs) and Goldman Sachs (gs) -- are planning to close the books tomorrow because they want to allocate as many shares as possible to "owners" rather than "renters."

Her source adds that investor response has been "nothing short of pandemonium."

[Tuesday update: The actual Facebook increase is $34-$38 per share.]

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