Facebook shares end flat as hype dies down

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Facebook shares end flat as hype dies down
After creating a few records for the largest IT IPO and record volumes for the first day, shares of Facebook ended marginally higher at $38.23, against its offer price of $38.

The shares of the company had touched an intra day high of $45, as buying frenzy gripped the stock in the early part of trade. However, the initial euphoria surrounding the stock died down towards the end of the trading day on the NASDAQ.

Facebook 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.

Mark Zuckerberg-led Facebook put up 421 million shares of its common stock up for sale at a price to the public of USD 38 per share.

At a market value of USD 104 billion, Facebook would be among the most valuable US firms, ahead of giants like Amazon which is valued at USD 98 billion and Cisco USD 89 billion. It would however still be behind Google (USD 203 billion) and Apple (USD 495 billion).


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