Tech Startup Valuations Fall Post-Facebook IPO

The article on The Verge "After Facebook's IPO Flub, Value of Tech Startups Falls Back to Earth" discusses the divergence in the pre-IPO and post-IPO valuation disconnect for companies like Facebook, and how there have been no initial public offerings since Facebook.  This means that tech startups will have a harder time raising capital and that more tech companies will be more receptive to being acquired.  One tidbit from the comments was that apparently Anthony Noto of Goldman Sachs (a co-lead manager on Facebook's IPO) indicated that Facebook refused to take the usual IPO discount of 10-20% that allows institutional investors to profit on the first day.  If this is the case, then Facebook really did do a great job of taking all the money off the table in the IPO.  If an IPO is truly fully priced, there's really no where to go but down for the stock price.

Here's a link to the article:  
http://www.theverge.com/2012/6/19/3096611/facebook-ipo-startups-valuations-bubble-acquisitions-pop