Facebook IPO price goes up as offering nears

LOS ANGELES (KABC) -- The price to get in on Facebook's initial public offering went up on Tuesday.

The company said it now expects to sell its stock for between $34 and $38 per share - putting Facebook's valuation at $104 billion. The previous range was $28 to $35.

The IPO is expected to be completed late Thursday and begin trading on the Nasdaq Stock Market on Friday under the ticker symbol "FB."

The IPO is expected to be the largest ever for an Internet company. Facebook has more than 900 million users who log in at least once a month.

Meantime, a new Associated Press-CNBC poll finds that about half of all Americans think the asking price of the IPO is too high and half of all Americans think Facebook is just a fad.

The Associated Press contributed to this report.

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