Those cautionary tales though get drowned out by Google ( GOOG). It too went public under a cloud. Remember the dutch auction? The unorthodox system looked at times as if it wouldn't come off. Warren Buffet said he wouldn't buy it because he couldn't accurately place a value on the company.

Google went public in 2004, priced at $85 and blew up over $600, eventually climbing to $700 in 2007 only to plummet during the financial crisis. It's taken the company four years to get back over $600, but at a return of 465%, that first day pop doesn't look so bad.

Facebook's Pop and How To Play It >>

Following the confetti drop of Facebook, there isn't much to get over excited about. The return of Toys "R" Us is in the pipeline, but considering that Hasbro ( HAS) and Mattel ( MAT) have seen profits fall as toy demand slumps, the buzz is fading.

The shadow market's biggest name is Twitter and they have been adamant that an offering is at least two years away and that it has plenty of money -- thank you very much -- and doesn't need to go to the public with its hand out.

So once the Facebook hangover wears off, the IPO watchers will have to content themselves with the likes of Michaels Stores, Party City and Restoration Hardware.

It's going to be a long wait for Twitter.

-- Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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