You don't imagine the average Joe investor was, do you? Yes, Joe probably made some money on the IPO, but it's highly unlikely that he was able to buy his stock at the offering price of $45. As with most hot IPOs, the big funds were able to buy the stock at the offering price, but not Joe. The first chance Joe had was very likely at around $83.
The opening performance of the stock was considered "fantastic news for equities, for retail investors, for financials" by some professionals. Others were skeptical as the company's profit margin is less than 7%, growth seems to be slowing somewhat and competition increasing. Combine this performance with the noise about Facebook and one has to wonder whether we'll soon see another Internet stock bubble.
My Vineyard friend, Peter, clued me into this. Grazie, Pietro.
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