NEW YORK CITY (AFP) – Social networking giant Facebook Wednesday reached and then exceeded its 2012 IPO price of $38 a share for the first time since the company’s May 2012 initial public offering.

Shortly after the market opened at 1330 GMT, Facebook traded at $38.12, up 49 cents or 1.3 percent. The company’s IPO was priced at $38 a share. Facebook has only closed above $38 a share one time: its first day on the markets.

Photo Credit: AFP/Karen Bleier