As of yesterday PUT options were not available on Facebook.
In most cases, options do not become available on IPOs for either 60 or 90 days after issuance of shares. That was last I checked, I could be wrong on that. Even if puts *were* available, the implied volatility that you’d have to pay for would practically guarantee you could never make money on them, unless the stock dropped maybe 7+ points, from the price point you bought them.
Secondly, you understand, that at the moment a stock goes public, that there is no practical way that the stock can be shorted (for a retail investor) because no borrow can occur. Oh, sure, if you’re MS or JPM or a huge brokerage, you know how many of your customers have IPO allocations and can generally assume that some will sell on the opening pop, or shortly thereafter. Those shares must be borrowed to legitimately execute a short sale, but those rules only apply to you and me. A retail investor, could almost certainly not short FB on day one or day two. Because you could not get a borrow at the time you placed the order. Theoretically, you could not short the stock until the third day of trading, until the sales that occurred on day one cleared T+3.
I think FB sees single digits within say 18 months, but it’s nothing I’m personally interested in, long or short. I enjoy the clownfest, though.