Facebook Underwriters Stepped In to Support Shares at Offering Price
Facebook Inc.’s public debut had plenty of buzz but not much pop. The shares opened 11 percent higher, but struggled to stay above their $38 offering price and ended the day up just 23 cents.
It was a tepid debut for one of the largest and most closely watched initial public offerings. More than 30 brokerages and banks were involved in the offering, which saw a nearly 571 million shares change hands on Friday — a record for a stock debut.