Facebook Opening Price
Facebook set a target price for its Initial Public Offering, IPO, of $38. When trading opened, the stock was $42 per share. That level was not maintained through the day as the price bounced around and dropped to the opening $38 several times.
Before trading started, Barron’s reported shares were being quoted at $45 on Nasdaq. The online betting market Intrade predicted the stock would close at $45 per share.
The IPO saw 421 million shares sold, bringing the company $16 billion. Facebook plans to offer another 63 million shares soon which could push the total take for the company to $18.4 billion.
Interest in the company’s stock was so high, Facebook pushed the IPO prices from $28 to $$35 at first and later to $38. Most of the IPO sales went to institutional funds and large traders.