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The pop that wasn’t: Life after Facebook’s IPO
Investing » Fallout from the social network’s rocky venture freezes market.

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"I hope Facebook is not distracted," he says. "In terms of VC people, I have not heard of anybody pulling an offering or even thinking about it. But (the thing) to watch is whether they start moving away from Morgan Stanley as the underwriter. They don’t want to go through this again."

For many in the technology sector, Facebook’s IPO doesn’t offer lessons or cautionary tales of any kind —because it was an anomaly. It was the highest-valued U.S. company ever to go public, and the third-highest in the world. It is a household name and the amount of money it raised put its IPO in a class of its own. That brought a lot of attention, anticipation, and a higher-than-usual number of regular "retail" investors interested in the stock.

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Sanjay Sabnani, CEO of online community network CrowdGather, says he is not disappointed with Facebook’s IPO. He thinks the market is more sensible now than in the late 1990s, the height of the infamous Internet bubble. He should know. In 1999, he was the president of a publicly traded company, Venture Catalyst, which helped startups get their footing. The company is still around but it’s no longer public.

"The number one piece of evidence against a bubble mentality is what happened with Facebook," Sabnani says. "The fact that Facebook is a soft IPO shows how much more rational the market is now."

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