Facebook IPO hits Nasdaq hiccup
By Hayley Tsukayama,
Facebook shares were making a comeback in early afternoon trading Friday after falling to their original IPO price of $38.
According to a report from CNBC, Nasdaq’s technical difficulties worried investors trying to get their trades in as the market opened, possibly driving Facebook’s stock back down to its opening price. Traders were said to be angry with the Nasdaq for the technical delays.
CNBC also reported that the retail component of the offering could be the largest in IPO history.
Shares were at around $40 at 12:45 p.m. after a dip in the late morning trading. The stock spiked to $42.05 as soon as it began trading, soaring as high as $45. Overall, the Nasdaq was down about 2 percent at 12:30 p.m.
The Facebook IPO was the largest initial public offering ever handled on the Nasdaq, trading an astonishing 82 million shares in the first 30 seconds, NBC News reported. It is the largest technology IPO in U.S. history and one of the top IPOs overall, trailing only those of General Motors and Visa.
(Washington Post Co. Chairman Donald E. Graham is a member of Facebook’s board.)