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Initial Public Offering Latest News: Facebook Nears $38 IPO Price for 1st Time

Wochit 1:12 mins

Facebook's stock came within pennies of its $38 IPO price for the first time since its rocky initial public offering more than a year ago. The world's biggest online social network has been on a roll since it reported stronger-than-expected earnings on July 24. Investors are especially upbeat about its fast-growing mobile advertising revenue. Shares of Facebook finally rose close to the company?s IPO price, nearing the $38 per share amount that the stock first debuted in May of 2012. The stock closed at $37.61 , a single-day gain of about six percent and has risen more than 43 percent in the span of a week, a massive turnaround for a security which at its lowest point dropped nearly 20 points from the company?s initial $38 IPO price. Softbank Corp CEO Masayoshi Son said on Tuesday no decision had been made regarding a possible initial public offering for Alibaba, China's and the world's largest Internet retailer.

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