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Facebook increases IPO, could raise $16 billion

facebook logo over ipo Symbol CBS/AP

(CBS News) Facebook revised its S-1 filing with the Securities and Exchange Commission for the eighth time Wednesday.

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The social network increased its initial public offering (IPO) to 421.2 million shares to investors - up from the 388 million maximum shares the company originally posted. Facebook also raised its range for price per shares Tuesday. Originally $28 to $35, now the price per share is set between $34 and $38 per share.

Facebook reports 901 million monthly active users, 300 million photos uploaded per day and 125 billion friendships. An estimated 488 million people access Facebook via mobile products.

Facebook filed for its IPO on February 1, with Morgan Stanley as its lead underwriter. The social network will trade on the NASDAQ under the ticker symbol FB. Facebook is expected to begin trading on the Nasdaq Friday.