NEW YORK (TheStreet) -- Facebook's (FB) IPO has come and gone, and investors believe the company, and its bankers, made a huge error in its initial public offering last week. TheStreet asked readers whether they believed Facebook's IPO was priced to perfection, or whether the company's investment bankers miscalculated demand.
By an overwhelming margin, respondents said that due to the fact there was no after-market pop, investment bankers had misread the market's enthusiasm for the offering. Of those who voted, 71.24% said, "No. There was no after-market pop and the underwriters miscalculated demand."
Just 19.52% of respondents believed that the underwriters did their job, responding, "Yes. It's the underwriters' job to raise as much money for the company and its investors as possible."
Only a small percentage of those who voted, 9.22%, were not sure if the IPO was priced to perfection.Facebook's underwriters, led by Morgan Stanley (MS), JPMorgan (JPM) and Goldman Sachs (GS), priced the IPO at $38 a share, raising $16 billion for the company and its investors. Shares of Facebook are sharply lower in Tuesday trading, off 4.35% to $32.55. Interested in more on Facebook? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
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