NEW YORK (
(FB - Get Report)
come and gone
to a muted reaction, and today's price performance will surely make its bankers cringe.
priced its IPO
at $38 a share, selling 421.2 million shares in the offering. The IPO raised $16 billion for the company and its investors, but left little for an after-market pop, rising just 0.6% on Friday. In January,
conducted a poll
, with almost 75% of readers saying they did not think Facebook was worth $100 billion.
| What do you think of Facebook's IPO?
Facebook's IPO had 31 underwriters, led by
(MS - Get Report)
(JPM - Get Report)
(GS - Get Report)
. Despite incredible interest in the offering, the underwriters used a significant portion of their allotment defending the $38 level, as investor demand seemed to be waning.
Underwriters buying shares on the first day is hardly a confidence inspiring sign, and may indicate an error in judgement on the investment bankers' part. Was Facebook's IPO priced perfectly given its performance on Friday and so far today?
wants to know what you think. Vote in our poll and results will be up tomorrow afternoon.
Facebook shares are solidly lower in Monday trading, off 8.7% to $34.90.
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Written by Chris Ciaccia in New York