Facebook jacks up IPO target -

Updates to this story

Social networking site Facebook thinks that it can make piles more money out of its IPO.

Facebook has raised the price range on its initial public offering to $34 to $38 a share. This is on the back of strong demand for the shares which are already oversubscribed.

When the deal goes through, it means that Facebook will be worth more than $100 billion.

The company originally aimed for $28 to $35 a share but it is starting to look like the shares are hopelessly oversubscribed by those who think the company will be worth a bomb.

It will be Silicon Valley's largest ever IPO that eclipses Google in 2004 debut.

According to Reuters, Facebook plans to close the books on its IPO today, two days ahead of schedule. The company will price its shares on Thursday and start trading on Friday.

However, then Wall Street will mutter about how Facebook hasn't yet figured out a way to make money from an increasing number of users who access the social network on mobile devices such as smartphones.

There are some fears that the social not-working site is a bubble waiting to burst.