Daily Archives: May 18, 2012

Facebook has become the public network – no longer a private company, the social network now has shareholders and a ticker symbol (FB) to go with the 900m users of its service.

Its initial public offering was priced at $38 on - the top end of its range, giving the Silicon Valley company a valuation of $104bn. But after opening at $42.05, Facebook’s underwriters had to fight to keep it above its float price, the shares closing at just $38.23, up 0.6 per cent.

For a Facebook “Timeline” of its opening day – from before the opening-bell ceremony at its Menlo Park headquarters through a frantic trading day – read Tim Bradshaw and Chris Nuttall’s live blog after the jump.  

By Robert Cookson in Hong Kong

A Hong Kong-based brokerage is offering free Facebook shares to all new customers in an attempt to cash in on the hype surrounding the initial public offering of the world’s biggest social network.

8 Securities, which launched in March, said customers would receive US$200 of Facebook shares simply by signing up to its online trading platform with a minimum deposit of HK$10,000 (US$1,287), a process it claimed took less than eight minutes.

However, investors hoping to flip the free Facebook shares immediately after they start trading on Friday are out of luck; 8 Securities will buy the shares on the open market in coming days and deposit them in customer accounts within 14 days.