when the market opened on may 18 2012 investor interest showed a higher demand for the company s shares than it offered to take advantage of the oversubscribed ipo and fulfill investor demand facebook increased the number of shares to 421 million but it also raised the price range to 34 to 38 per share 4
facebook and its underwriters effectively raised both the supply and price of shares to meet demand diminishing their oversubscription however it quickly became clear that facebook was not oversubscribed at its ipo price as the stock fell precipitously in its first four months of trading the stock failed to trade above its ipo price until july 31 2013 