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Facebook Told Regulators IPO Range Was Near Fair Value

Facebook Inc., which has lost more than $19 billion in market value since its initial public offering, told regulators before its debut that the proposed price range reflected the fair value estimated earlier this year.

The Menlo Park, California-based company set a proposed IPO price range of $28 to $35 a share on April 25, based on a projected fair value of $30.89, according to correspondence with the U.S. Securities and Exchange Commission released today.