henry copeland:

Pre-ipo valuations

In March 2012, for instance, Facebook shares traded hands privately at $44.10 apiece. Two months later, when Facebook went public, the shares were priced at $38, and a week after that they were trading at less than $27. By August, they were less than $20. It wasn’t until more than a year later, in September 2013, that the share price finally traded higher than the $44.10 that it had been valued at in the private markets.
- fusion.net