Why did the stock chart for Facebook's first trading day show an initial price of $42 when the IPO price was $38?
Facebook was widely reported as having an IPO price of $38. Yet, all the stock charts show Facebook shares priced at $42 until around 11:30 AM, than dropping to $40, and then only at 11:50 AM ...
Who are the market participants in an IPO? From my understanding: there are no short sellers, and no standardized options. The insiders may be selling but there are also restricted shares that can't ...