FORTUNE -- In all the hubbub over Facebook (FB) shares falling below their $38 IPO price, venture capitalist Bill Gurley reminds us that such a "break" does not necessarily mean that the stock is a long-term dud. From a tweet late Friday:
Like Facebook, Amazon's (AMZN) underwriters had raised the offering range prior to IPO, ultimately pricing at $18 per share. It then "broke" on its fourth day of trading, closing down at $17.12 per share. The following day was even worse, closing at $16.75 per share. In fact, Amazon shares closed below their offering price for 5 of its first 13 days of trading.
And, to Gurley's point, it closed below the closing price on its first day of trading ($20.75) for two months.
But none of that doomed Amazon stock to a lifetime of mediocrity. As of last check, the company's stock was trading at around $219. So take comfort Facebook fans, not all is (necessarily) lost...
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In my Monday email column, I wrote the following while waiting for Facebook to file IPO papers:
Twitter, you're on the clock. Last year at this time, we regularly discussed how the secondary private markets were being boosted by the exit prospects of three companies: LinkedIn, Groupon, Zynga, Facebook and Twitter. The first three are already public. Facebook is filing. That means Twitter is all that's left. Will it be the private MOREDan Primack - Feb 3, 2012 1:29 PM ET
IPOs can be great for companies. So long as they happen.
By Bill Gurley, contributor
I am a big believer that the IPO can play a key role in the development of a company's life. Moreover, I have argued that many in our ecosystem have an unhealthy anxiety regarding the dangers and consequences of being public. Lastly, I have argued that the IPO window is wide open for great companies – something I still MORESep 15, 2011 4:48 PM ET
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