Trading in the stock, which began on May 18, was delayed that day due to technical problems with the Nasdaq exchange.[32] The stock struggled to stay above the IPO price for most of the day, forcing underwriters to buy back shares to support the price.[33] At the closing bell, shares were valued at $38.23,[34] only $0.23 above the IPO price and down $3.82 from the opening bell value. The opening was widely described by the financial press as a disappointment.[35] The stock nonetheless set a new record for trading volume of an IPO.[36] On May 25, 2012, the stock ended its first full week of trading at $31.91, a 16.5% decline.[37]
Reviews
There are no reviews yet.