Facebook Inc. plans to stop taking orders today for its
initial public offering, two days ahead of schedule, a person with
knowledge of the transaction as told Bloomberg.
Facebook will likely finish taking orders for the IPO after
U.S. markets close May 15, said the person, who declined to be identified as
the plans are private. The offer of 337.4 million shares at $28 to $35 each has
been oversubscribed, according to people with knowledge of the matter, who
declined to say by how much orders exceeded the amount of stock on offer.
“They’re swamped with the orders that are in,” said Jon
Merriman, chief executive officer at investment firm Merriman Holdings Inc. in
San Francisco. “They just need time to determine the price. They can send the
message -- the books are closing, send in your orders now.”
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