May 17 is a terrible time to IPO. Facebook will be fighting against a falling stock market. Operation twist is about to end, and there are a lot of believers in "Sell in May and go away."
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The goal of an IPO is to give company liquidity for stock it sells, and to line the pockets of employees who've put sweat equity into the startup.
Whether FCBK goes IPO with a big pop, or instead slowly grows after release into a steady push, it will be in no better position - it's coffers will be lined the same, and the brand still as strong.
Given the popularity and current profitability, I doubt it's going to go GRPN and flounder or sink despite a generally sagging market.