Nasdaq is trying to open trading of Facebook after its underwriters sold 421.2 million shares at $38 each to raise $16 billion yesterday. That valued the company at $104.2 billion, a record for an initial public offering. The delay in opening the stock follows exchange operator Bats Global Market Inc.’s failure to get its own shares trading in March.
Nasdaq had said it would start quoting the stock at 10:45 a.m. New York time and begin trading of Facebook at about 11 a.m. It then delayed the open by five minutes before sending the notice that there was a problem.
Nasdaq OMX shares briefly erased gains. They rose 0.7 percent to $23.16 at 11:18 a.m. New York time.
To contact the reporter on this story: Nick Baker in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Baker at email@example.com