Facebook shares make stock market debut

By: admin
Updated: 18 May 2012 08:31 AM

New Delhi: Internet
giant, Facebook will start trading on the New York Stock Exchange on

Facebook cofounder and CEO Mark Zuckerberg rang the
opening bell for the Nasdaq stock exchange a stage set up outside at the
company's Menlo Park headquarters at 6:30 a.m.

The company's
stock is expected to start trading about 8 a.m. (around 9pm IST)

and dozens of Facebook employees cheered the market open. Priced at $38
per share, Facebook shares will trade under the symbol "FB" on the Nasdaq.

made history by launching one of the largest initial public offerings for
a technology firm, aiming to raise USD 16 billion that pegs the value of
the world's most popular social networking site at USD 104 billion.

public offer is expected to close on May 22. Facebook roped in financial
giants like Morgan Stanley, J P Morgan, Goldman Sachs, Bank of America
Merrill Lynch, Citigroup and Deutsche Bank Securities to serve as book
runners for the offering.

At USD 16 billion, the size of
Facebook's IPO is the third-largest for a US company, with the largest
being the Visa IPO, which raised USD 17.9 billion in 2008, according to
Renaissance Capital.

For a company that began in a Harvard dorm
eight years ago, the IPO will bring a windfall which will give it the
financial muscle to develop more services and features and employ the best
in the business.

(With inputs from PTI)