The technology company Facebook, Inc.[a] held its initial public offering (IPO) on Friday, May 18, 2012. The IPO was one of the biggest in technology and Internet history, with a peak market capitalization of over $104 billion.
Facebook filed for an initial public offering on February 1, 2012 by filing their S1 document with the Securities and Exchange Commission (SEC). The preliminary prospectus announced that the company had 845 million active monthly users and that its website featured 2.7 billion daily likes and comments. The filing noted that the company's increases in membership, as well as its incomes, were slowing and that the deceleration was likely to continue.
Trading was to begin at 11:00am Eastern Time on Friday, May 18, 2012. However, trading was delayed until 11:30am Eastern Time due to technical problems with the NASDAQ exchange. Those early jitters would foretell ongoing problems; the first day of trading was marred by numerous technical glitches that prevented orders from going through, or even confused investors as to whether or not their orders were successful. 2b1af7f3a8