Facebook shares open trading with over 10 pc premium at USD 42

Facebook shares opened with over ten per cent premium at USD 42 compared to its initial public offer price of USD 38.

The social networking site's IPO, that mopped up USD 16 billion, is one of the largest in the history of US companies.

Paring the initial gains, Facebook shares were trading at USD 40 after 15 minutes of its opening on the Nasdaq stock exchange.

The price band of the IPO was set at USD 34-38.