Facebook IPO is Already Sold OutBy: Shawn Hess - May 14, 2012
While experts in the investment industry were not so sure Facebook would be able to convince buyers that their stock was worth the price, Reuters reports today that they are ready to close the book on the IPO as soon as tomorrow. That’s right they are already booked, and demand has outweighed available shares allocated for the IPO.
As we reported on Friday, Some investors had already run out of shares they could offer investors and were calling around to see if there were others that could be moved. As you may remember, Facebook has put a price range on their IPO shares somewhere between $28 to$ 35. The final pricing will be set on Thursday.
Due to the unbelievable demand for the IPO shares, some speculate that they may actually increase the price beyond the $35 range, however given the conservative nature of the underwriters of the deal, an increase is unlikely.
Not that it seems to matter all that much in light of the first piece of news, but Facebook’s “FB” ticker symbol has been approved by Nasdaq according to their Securities and Exchange Commission S1 filing. This ends speculation about who would carry the stock, the NYSE or Nasdaq.
So if your expecting to get your hands on any of the much anticipated social network stock from Facebook, you better already have it lined up or you’ll be waiting for the six month lockup period to expire . Official trading isn’t scheduled until Friday, but it seems more like a non-event at this point. We’ll keep you posted as more information on the Facebook IPO becomes available.