The pending Facebook IPO is either already oversubscribed or seeing weak demand. The contradictory information came Friday from Bloomberg and Reuters.

With just about every bank on Wall Street involved in this IPO, I suspect there is wild spinning on both sides of the issue.

Post continues below.
Bloomberg seems to have more credible information, reporting that institutional investors are worried about the company's growth prospects. Facebook says its advertising growth isn't matching user growth, Bloomberg reported, citing anonymous sources.

"Facebook is also telling analysts that sales may not meet their most optimistic projections," Bloomberg added.

Facebook and its selling stockholders are offering a little more than 337 million shares in its IPO, which is expected to price on May 17. The price range is $28 to $35 each, giving the company and its underwriters less than a week to drum up enthusiasm from major investors.

If there isn't that much interest, the price will end up closer to the bottom of the range, bringing less money to everyone involved.

So naturally, the theatrics are just getting started.

Enter Reuters, which has one anonymous source saying the IPO is already oversubscribed. CNBC reports the same thing. All of the concerns about growth and Facebook's problems in getting revenue from mobile are being cast aside, apparently. "Institutional investors have so far indicated demand for more shares than Facebook has available," Reuters reports.

The source even says Facebook may raise its price range beyond $35 if demand is healthy enough.

More from Top Stocks

• A Windows-powered Facebook phone?
• Siri recommends another phone as best ever
• How Europe speared JPMorgan's whale