Facebook IPO values company at between $85bn and $95bn

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.

Michelle Fleury reports.

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