MSNBC - Shares of Facebook began trading on the public markets Friday morning in one of the largest and most watched initial public offerings of stock of recent years.
Facebook’s shares jumped to $43 in initial trading, up about 13 percent from an IPO price of $38. But the stock quickly gave back some of its initial jump and was lately trading just above $41. Shares of other social media companies -- including LinkedIn, Pandora and Groupon -- were lower.
The opening trade was delayed. Facebook’s stock was originally due to begin trading at 11 a.m. ET, but was delayed by about 30 minutes as traders experienced problems with changing and canceling orders they had submitted to the Nasdaq, The Wall Street Journal reported.
Traders told CNBC that retail demand for the public stock offering was the highest ever for an IPO, with an expected retail component of 15 percent to 25 percent. Trading volume in Facebook exceeded 100 million shares in the first three minutes of the stock’s trading, the Journal said.