Successful for who? The existing insiders? The underwriter? The new investors? (subscribers). The FB IPO certainly wasn't a failure in the capital raising sens

Successful for who? The existing insiders? The underwriter? The new investors? (subscribers). The FB IPO certainly wasn't a failure in the capital raising sense. Fb raised a lot of capital than if they had IPO'd at $25 outright and the stock price had stayed there.