Facebook IPO sees share price flat
Shares in social network rise, then fall back on first day of trading
Facebook's IPO failed to raise expectations for the stock on Friday, after shares slipped back to close to the original offer price on its first day of trading.
Shares in the social network began trading at 11% over the $38 offer price on Friday morning, and rose to a high of $45, before slipping back at the end of day to just $38.23.
The stock began trading late on Friday, as the NASDAQ suffered technical problems due to the high volume of orders, and the problems persisted throughout the day.
Analysts had predicted a 10% to 50% rise in the stock in the first day of trading, but now blame the high IPO price and the increase in size of the offering for the poor performance.
Facebook CEO Mark Zuckerberg rang the opening bell at the NASDAQ on Friday morning. The IPO values Facebook at $104bn, with Zuckerberg holding around 25% of the company.