Investors bid up Facebook shares to open at $42.50 Friday morning as the stock’s debut in the public markets finally arrived.
The intial pop trended quickly downward, at one point shares were only a few cents above the offer price of $38. They are now back to the $40 range.
Potential Facebook Investors anxiously awaiting the stock were stymied as Nasdaq delayed opening trading until 11:30 a.m. ET.
Facebook CEO and co-founder Mark Zuckerberg rang Nasdaq's opening bell from the company’s HQ in Menlo Park, California, at 9:28 a.m. ET, at which time the stock was supposed to begin trading at 11 a.m. ET.
Facebook is expected to raise $6.8-billion upon the completion of its Initial public offering today, when the social network’s shares begin trading on the Nasdaq Stock Market.
At an initial share price of $38 (U.S.), the offering would raise a total of $18.4-billion – much of that ending up in the hands of the company’s private shareholders – and value the entirety of Facebook at about $104-billion.
Below you can read our live coverage of the IPO, compiled with help from Report on Business community editor Dianne Nice, technology editor Shane Dingman, technology reporters Omar El Akkad and Iain Marlow, and guests Paul Barter, VP research at T4G Limited and adjunct professor at Schulich Business School, and technology writer Ivor Tossell.