Can someone explain the perception that Facebook's IPO was a disaster? Doesn't the fact that the stock has not risen mean that the offering had the correct price?
Remember that 26 includes the value of $9B of additional cash on the balance sheet from the IPO. So the valuation of Facebook as a business is actually lower still, once you back out the cash.
I'd agree with you if the price has not risen. In reality, the price has fallen, more than 20%. It may be good for Facebook, but the price was not correct.
