<P> The roadshow faced a "rough start" initially . Zuckerberg raised controversy for wearing a hoodie (rather than a customary business suit) to the first meeting with investors . Wedbush Securities analyst Michael Pachter called it a "mark of immaturity ." A half - hour - long video played during that meeting also frustrated investors who wanted to discuss more technical details, and was dropped for future meetings . </P> <P> Prior to the official valuation, the target price of the stock steadily increased . In early May, the company was aiming for a valuation somewhere from $28 to $35 per share ($77 billion to $96 billion). On May 14, it raised the targets from $34 to $38 per share . Some investors even suggested a $40 valuation, although a dip in the stock market on the day before the IPO ended such speculation . </P> <P> Strong demand, especially from retail investors, suggested Facebook could choose a relatively high offering price . Ultimately underwriters settled on a price of $38 per share, at the top of its target range . This price valued the company at $104 billion, the largest valuation to date for a newly public company . </P> <P> On May 16, two days before the IPO, Facebook announced that it would sell 25% more shares than originally planned due to high demand . This meant the stock would debut with 421 million shares . </P>

How much was facebook stock when it first came out