Once upon a time, explains the Gray Lady, an IPO was like a bar mitzvah, a rite of passage that marked a boyish tech startups transformation to adult business.
But with companies like Facebook and Zynga generating real revenue and raising monster capital on the private market, an IPO looks less attractive.
You see, Zuckerberg, nice Jewish boy though he may be, would prefer to skip all the hard stuff, like Torah study, or pesky SEC disclosures.
Because IPOs, like Bar Mitzvah parties, are really all about the schwag, the brisk trade in Facebook shares on the secondary market has already ensured that all those overworked engineers go home with a little something extra from the party.
bpopper at observer dot com – @benpopper