The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Tom Taulli, InvestorPlace Writer

NEW YORK ( InvestorPlace) -- When a company files for an IPO, management must comply with the "quiet period," during which the company cannot make comments about the offering. It's constraining, but it is meant to reduce the potential for hype.
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  • But even though management can say only "no comment" to the media, a company still can hire a PR firm to help with IPO communications! Of course, that's so it can help put together an integrated strategy with non-IPO media, as well prepare for earnings announcements and investor presentations.
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  • Facebook has been shopping for such a PR firm, and according to a report from AllThingsDigital, it looks like Brunswick Group is getting the gig. It helps that the firm already provided services when Facebook struck its financing deal with Goldman Sachs.
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  • However, while some have estimated Facebook could raise as much as $10 billion from a public offering, future prospects for the IPO might not be so bright. Already in the new year, top social companies like Zynga ( ZNGA) and LinkedIn ( LNKD) have continued to see deterioration in their stock prices, and even dominant Groupon ( GRPN) could find itself vulnerable to market conditions this year.

    Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of All About Short Selling and All About Commodities. Follow him on Twitter at @ttaulli. As of this writing, he did not own a position in any of the aforementioned stocks.

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  • This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.