Please state if I'm incorrect but the whole point of a company doing a IPO is it wants to sell off a portion of itself in order to raise capital.
So in an IPO, I presume a company would aim to sell their stock at as high a price as is possible whilst still having the demand to raise the necessary funds.
With Facebook, their initial price was $38. The price tanked after the 2nd day and is now at $31 but does Facebook really care at this point? They've already pocketed $38 from the early investors who would've been the ones to lose the $7 per share.
So if anything, isn't this an indication the IPO went well for them? They managed to achieve their objective of raising the funds they wanted. The fact that the price has fallen means that they marketed the IPO well and got a good deal for each share.
Nobody forced the early investors to buy at $38, and the fact there was demand to buy at that price isn't really Facebook's fault.
Is this logic correct? Or does the fact that Facebook's IPO fizzled affect the company in some way?