The largest IPO of 2012 has not gone well for Morgan Stanley, but while Facebook is down 25% from its listing price, the second largest float of the year, also joint-managed by the US bank, priced at the top of its range.

Malaysia's Felda Global Ventures Holdings, the world's third largest palm oil producer, has raised $3.1bn over the past two days via an IPO on the Kuala Lumpur stock exchange.