Chuck Jaffe appears to have made this call correctly dating back to his column when Facebook first filed the paperwork for its recent IPO. See the link in this article on what IPO really stands for.
"In the past few days, thanks to the initial public offering of Facebook, investors have learned what the letters IPO really stand for: 'It’s probably overpriced.'
Truthfully, the initial public offering process is built and managed to give a predictable pop on opening day, which results in an equally predictable fallback later, which is why chasing after any initial public offering is the Stupid Investment of the Week"
IPO stands for ‘it’s probably overpriced’ - Chuck Jaffe - MarketWatch