As I mentioned before, when Facebook decided to issue even more stock in the final days leading up to its IPO, I saw that as a sign to stay away. It also increased it's IPO price at the last minute. Not a good double-whammy. More is not better. Better is better. And in this case, less is more as in less stock, more demand. Sure there were NASDAQ glitches, but not everyone was sold on Facebook's valuation. Had the IPO happened two years ago, when FB was adding people at a blitzkreig rate, the price with enormous growth ahead would be justified. When FB gets to 1-billion users, then what? 500m to 700m is easier than 1b-1.2b.
Do you know who is the big winner in the Facebook IPO? Google.
Here are a couple of good references: