Facebook has increased the price range of its stock in what will be Silicon Valley’s biggest-ever initial public offering to raise more than $12 billion (£7.4bn), giving the social network a valuation that could exceed $100 billion.

The company has raised the price target of its flotation on Friday to between $34 and $38 a share – up from $28 to $35 – in response to strong demand. The company plans to sell 337 million shares, which would raise between $11.4 billion and $12.8 billion in cash.

The new price will value Facebook at between $93 billion to $104 billion, rivalling the market capitalisation of internet powerhouses such as Amazon and exceeding that of Hewlett-Packard and Dell combined.

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