[ by Howard Haykin ] Morgan Stanley, lead underwriter for Facebook's IPO, cannot re-write history, cannot undo the miscalculations and errors in judgment, nor unbungle Nasdaq's mishandling of orders.  Morgan Stanley, however, can "kick butt" with an effective launch of ServiceNow, Inc. after it prices the IPO on Thursday, 6/28. A successful outing would enable Morgan Stanley to reclaim some of its pride and swagger, and help to preserve its position as Silicon Valley's go-to investment bank. Yes, there's been so much enmity directed at Nasdaq OMX and its Chief, Bob Greifeld, that some may forget that Morgan Stanley was under fire for how it led the $16 billion Facebook sale - the "sale of the century" -  that saw shares plunge in the aftermarket by much as 32%. More Pressure Than Usual. Everyone will be watching this IPO and responding with snap judgments about Morgan Stanley's performance and, in turn, its reputation.  Another weak outing will not be tolerated, either by issuers or by the Street. Its currently expected that the $186 million IPO of ServiceNow, the cloud-based software maker, will be priced on Thursday, 6/28.  "If the price is too low, the company is underserved; if the price is too high, like Facebook, investors will be frustrated," says Keith Wirtz, the CIO for Fifth Third Asset Management. Maintaining 2012 as: (a) Morgan Stanley’s Year, and (b) The Biggest Year for Internet Offerings. Morgan Stanley has dominated the IPO market as the #1 underwriter of global IPOs.  It's also on track to lead the most IPOs by Internet and tech companies this year, according to data compiled by Bloomberg. Equally important, the outcome of ServiceNow’s IPO is also likely to influence plans to go public by other technology companies - e.g., Palo Alto Networks Inc. and Kayak Software Corp., which would go a long way toward reviving the broader IPO market. There's a lot more story about ServiceNow's Offering. For further details, go to:   [Bloomberg, 6/27/12] and    [Deal Journal, 6/19/12].