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No clamor for IPOs after Facebook flop

It's been a month since Facebook's IPO fell flat and in that time, the market for initial public offerings has collapsed.

No company has gone public since May 18, compared with 19 in the same period a year ago.

Fourteen offerings have been withdrawn or delayed, according to Dealogic.

There are no public offerings scheduled this week. Of course, thanks to the European debt crisis, financial markets haven't been terribly conducive to IPOs.

Still, venture capitalists say the fallout from Facebook's rocky IPO is making companies -- especially those in the technology sector -- cautious about going public.

"It pretty much wiped the counter clean for the time being," says Francis Gaskins, president of researcher IPOdesktop. "It sucked the air out of the room."

It wasn't supposed to be this way. The Internet industry that captivated the investment world in the late 1990s and went bust as the next decade began had pinned its hopes on Facebook's stock market debut to signify the beginning of a new era. In Silicon Valley, the IPO had been billed as "the big one," an earth-shaking event that would unleash a wave of investment in technology start-ups. -- AP

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