Despite a ton of hype and anticipation, it is clear that no one walked away from the Facebook IPO with a wheelbarrow full of new money except for the staff of the company.
With an IPO of $38, the Facebook stock opened to the public at essentially $43 – it was $42.05 for about a millisecond and then jumped – but it closed out its first day of trading with a final price of $38.23, reflecting a gain of only .61 percent. It wasn’t from a lack of volume, however, as over 500 million shares traded hands, a new record for the first day of trading on a stock.
From our unofficial poll conducted earlier today, 17.74 percent of you predicted it would close at under $40, while 11.32% of you thought it would close between $96 and $100.
As first days go, this lack of a major gain is not a good sign, but we’ll have to see what happens in the after hours trading today and when the markets open next week. There is sure to be a lot of head scratching going on at Facebook HQ today.