And yet, big companies and time can change the rules. Google used the Dutch auction. Facebook has long been traded on non-public markets. Facebook also demanded lower fees from underwriters, and less first-day-pop 'money left on the table' for initial-distribution purchasers.
A negligible 'pop' could mean FB's strategy worked beautifully, capturing the maximum amount of capital for their own goals. It doesn't send the same signal as when another company, which needed more help from the underwriters and media, has a stable first-day price.
And yet, big companies and time can change the rules. Google used the Dutch auction. Facebook has long been traded on non-public markets. Facebook also demanded lower fees from underwriters, and less first-day-pop 'money left on the table' for initial-distribution purchasers.
A negligible 'pop' could mean FB's strategy worked beautifully, capturing the maximum amount of capital for their own goals. It doesn't send the same signal as when another company, which needed more help from the underwriters and media, has a stable first-day price.