My issue with what you say : I believe options (the derivatives I assume you're talking about) don't start trading till a while after the stock starts trading.
Furthermore, even if they started trading when the stock starts trading, why do you think you have positive expected value to buy the stock and also buy puts? Why not just buy calls?
If either one of these is positive expected value, why do options market makers sell them at the price they do?
Additionally, your talk about the valuation seems trite : you're more likely to make money if you buy at a $50B valuation than if you buy at a $75B valuation is supposed to be informative?
(Edit 2)
Yes, I see your explanation, but you're (again) not really saying anything.
Please see my explanation to the other comment. Thanks.
Edit below in response to your edits.
In the US, options can be written from the day of an IPO and in the case of the Facebook IPO would likely be from existing retail (employees) and institutional investors looking to make revenue on the shares they own by loaning them out for options trading. Though not from the IPO's underwriters who can not loan out shares for options until 30 days after trading begins.
For the valuation I was writing about the up and downside risk of investing at those valuations. It might be obvious to you, but not to others. Actually a lower valuation in some cases could deter investors who had initially heard it would be much higher and they may not understand why an initial prospective valuation decreased.
There are a range of trading strategies that can be used for an IPO. The example I gave was to cover both increases and decreases in the initial trading price that would (usually) allow the investor to capture a (mostly) risk-free profit.
(Edit 1)
My issue with what you say : I believe options (the derivatives I assume you're talking about) don't start trading till a while after the stock starts trading.
Furthermore, even if they started trading when the stock starts trading, why do you think you have positive expected value to buy the stock and also buy puts? Why not just buy calls?
If either one of these is positive expected value, why do options market makers sell them at the price they do?
Additionally, your talk about the valuation seems trite : you're more likely to make money if you buy at a $50B valuation than if you buy at a $75B valuation is supposed to be informative?
(Edit 2)
Yes, I see your explanation, but you're (again) not really saying anything.