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Facebook and IPOs

Fred Wilson makes a compelling case for why Facebook is essentially already a public company and could just go ahead and bite the bullet and do an IPO. His hunch is that the IPO market is opening back up.

That’s the subject of a story a colleague of mine ran today. The story goes back and forth quite a bit, with reason. But the bottom line is that there are higher hopes for the IPO market. And, just as important for Facebook, the story explains that “IPO investors now have lower expectations. The ‘buzz-driven or sexy IPO,’ trading at a premium valuation may be a rare sight even if offerings do revive somewhat,” says an IPO analyst.

Seems odd to talk about Facebook and a non-buzz driven company in the same breath? Maybe six months ago. Not so much anymore and certainly not during the months going forward. The very public discussions that we and others have written about in terms of Facebook’s money raising and its drop in valuation over the past year have taken the shine off of the company. Twitter has replaced Facebook as everyone’s latest Internet darling— to the point of the same height of ridiculous and obsession that we had for Facebook not so long ago. But having a much more down to earth assessment of Facebook is a relief, particularly because it’s a company that’s so likely to end up in public investors’ hands.

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