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May 15, 2012 7:25 AM by AP

Facebook raises IPO price as offering nears

NEW YORK (AP) - Facebook is raising the price at which it plans to sell stock to the public.

The social networking company said in a regulatory filing Tuesday that it expects to sell its stock for between $34 and $38 per share. That's higher than a previous range of $28 to $35.

The increased range is a sign of high demand from investors to own a piece of the world's most popular social network. The initial public offering is the most hotly anticipated in years and would value Facebook at more than $100 billion. The offering is expected to happen Friday.

Facebook has more than 900 million users who log in at least once a month.

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