Will This Company CRUSH Facebook’s IPO?
Facebook (NASDAQ:FB) raised $16 billion in its initial public offering in what was one of the biggest trading debuts for a company ever, but it could be overshadowed by an upcoming one from China. Dow Jones Newswires reported that China National Nuclear Power was planning to raise money in a Shanghai IPO to fund five projects worth 173.5 billion yuan or $27 billion. The Ministry of Environment Protection said in a separate statement that the company had passed an environmental inspection, which is a key requirement for filing an application with the China Securities Regulatory Commission.
Don’t Miss: Is This How Nasdaq Will Repay Facebook Losses?
Facebook’s stock started trading on the Nasdaq Stock Market last month after an IPO that valued the company at $104 billion. Its valuation was the third-highest for an IPO, though interestingly, the only two companies to beat that mark are China-based. According to Dealogic, Chinese banks Agricultural Bank of China and Industrial and Commercial Bank of China were worth $133 billion and $132 billion, respectively, during their IPOs.
China’s recent fundraising activities have generally been slow because of market volatility.
Facebook’s stock has, of course, been dipping since its debut and is trading at $26.23 on Wednesday, up 1.5 percent for the day and still down over 30 percent from the IPO price.