This is really starting to bug me. Nearly a week after Facebook’s IPO and the papers are still saying that it was a failure. It wasn’t, or at least, whether or not is was depends on who you are. And I suspect you prefer the winner to the so-called losers.

Let’s start with the basics. What is an IPO? It’s simple: a company sells a part of itself in exchange for cash. In the physical world, that’s the same as me making something and selling it to you. For the sake of this example, let’s say that I sell it to you for £1.