What to learn from Baidu IPO?

There are a lot of lessons we can learn from Baidu's IPO, not the least of which is that we haven't learned all the lessons from the dot-com days and here are the three points I'd like to make:
First, Baidu left a lot of money on the table. Priced at $27, it opened at $66 and ended its first day at $122. That means with 4 million shares offered, the company could have raised $488 million, rather than the $108 million, which raises the question of whether Wall Street has learned to properly price IPOs, and whether future IPOs may need to use the Google-like Dutch-auction process to get a fairer and truer picture of market demand.
Second, Baidu, which earned $1.4 million last year, is currently valued at $5 billion, raising the question of whether we'll ever learn not to let greed get the best of us and whether this company's shares are likely to trade below $100 in due time. Baidu traded as high as $153 in Monday's trading.
Third, if we thought that Google, eBay and Yahoo would rule the virtual world, we may have to rethink our assumptions. After a five-year lull in the IPO market, investors may warm up to emerging companies once again.
Via Bambi Francisco