Facebook sets IPO share price at $28-$35

Facebook has set the price range for its shares in what will be Silicon Valley's largest IPO, giving the social network a market value close to that of Amazon.

Facebook indicated its IPO will price shares at between $28 and $35, which would value the company at between $77bn and $96bn, Reuters reports. Facebook stands to raise as much as $12bn at the upper end of its planned range. If an over-allotment or option is triggered, the company could sweep up a maximum of $13.6bn, according to a Thursday prospectus. Facebook will only receive around half, or $5.6bn, of the estimated $10.6 bn that it would raise at the midpoint of its planned IPO range. About $4.9bn will go to existing shareholders. Facebook's stock could begin trading as soon as...