Facebook Inc’s initial public offering, in addition to minting a number of billionaires and millionaires, will offer something of a financial lifeline to cash-strapped California — generating more than $2 billion in revenue for the state. The state’s budget watchdog said on Tuesday it expects the IPO will generate $2.1 billion in revenue for California through the 2013 fiscal year. The outlook comes a day after Gov. Jerry Brown proposed a revised budget plan to address a swelling deficit for the tarnished Golden State.

Facebook, the No. 1 social network, expects to raise $12.1 billion in what would be Silicon Valley’s largest-ever initial public offering, dwarfing Google Inc’s 2004 market debut. Facebook, based in Menlo Park Calif., on Tuesday raised its target price range for the IPO to between $34 and $38 per share. With enthusiasm for the historic offering running high, investors stand to reap capital gains while the company’s 3,500-plus workers could grow wealthy through stock units and options — all of which would translate into tax revenue for the state.

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