A highly-rated tech company with a huge global youth audience floats on the stock market. Its enigmatic founder attracts criticism for dressing down at investor meetings. And its stockmarket debut gets off to a bumpy start, with shares steadily losing value across its first two weeks.

Spotify? No, that was how Facebook’s IPO went down in 2012. And while the social media and streaming giants may be in different businesses, Facebook shows what can happen when digital pioneers try to ...