T. Rowe Price Group's stake in Facebook Inc. more than tripled in value as the social networking giant went public Friday.
At the close of the market Friday, T. Rowe's investment in Facebook was valued at $695.8 million. The Baltimore-based mutual fund company invested $190.5 million in Facebook last spring.
Shares of Facebook finished trading at $38.23 — just 23 cents above the initial public offering price set by the company and its underwriters.
T. Rowe holds 18.2 million Facebook shares, which are spread across 80 mutual funds and accounts controlled by the investment company, according to Facebook's IPO registration statement filed earlier this year.
Last year, T. Rowe made broad investments in Internet and social media companies, spending hundreds of millions to buy stakes in Facebook, Twitter, Groupon, Zynga, Ning and Angie's List.