Facebook stock almost hits debut IPO price | business | Hindustan Times
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Facebook stock almost hits debut IPO price

business Updated: Jul 31, 2013 22:59 IST

Reuters
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Facebook’s stock on Tuesday came within a hair of reclaiming its $38 debut price for the first time since going public in 2012, a milestone in the social networking company’s effort to wipe away Wall Street’s scepticism of its business.

Shares of Facebook climbed as much as 7% to $37.96 in heavy trading on Tuesday, before settling back to finish the regular session at $37.63.

The stock has surged more than 40% in the past week after the company reported blowout quarterly results.

The social network, with 1.15 billion users, has never traded at or above $38 since its IPO in May 2012.