A bit more than a week after Facebook’s IPO, two different theories are emerging about the monster offering. The big story is that it was a colossal failure, so bad that it’s hard to think of enough ways properly describe it—a disaster, debacle, catastrophe, maybe even a terrorist attack.
The pushback story is that Facebook’s IPO was actually the most quietly successful public offering of recent memory. Proponents of this theory point out that the only party that matters in an IPO is the company making the offering. Facebook’s purpose, in selling itself to investors, was to get as much money for its shares as possible. It certainly accomplished that.