Facebook sets IPO price?

May 3, 2012, 10:38 PM UTC

FORTUNE — Facebook is planning to set its IPO price range at “high-$20s to mid-$30s per share,” according to The Wall Street Journal.

The report adds that such a range would give the company a valuation of between $85 billion and $95 billion, although that doesn’t seem quite right. Unless Facebook has significantly changed its number of shares outstanding, anything in the “high $20s” would put  the company’s valuation well below $80 billion.

For example, Facebook priced its shares at $30.34 a piece upon agreeing to acquire Instagram, which worked out to a valuation of approximately $75 billion.

Chances are this will get straightened out in a couple hours, since word is that Facebook will be filing an amended registration statement at market close.

The company’s IPO roadshow, with Mark Zuckerberg in tow, is expected to begin next week with the shares expected to price later this month.

Update: Facebook has officially set its terms. Details here.

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