Facebook sets new price share for IPO

Facebook has set the share price for its upcoming initial public offering (IPO) at between $28 and $35 per share, valuing the company at between $85bn-$95bn (£52bn-£59bn).

The IPO is set to be the largest ever for an internet firm, bigger than Google's valuation of $23bn in 2004.IPOs are when companies list shares on the stock market for the first time.

Facebook is set to list on the Nasdaq and would rival Amazon's and Cisco System's current market values.

It is thought that Facebook will start promoting the share offering on Monday. Its shares are expected to start trading under the symbol "FB" on 18 May. More than 10% of the business is being sold, which is expected to raise about $12bn for the company.

The eight-year-old social network has 900 million users worldwide and made a profit of $1bn last year.