ReachLocal’s $54 million IPO: A good or bad sign?

Local online ad company ReachLocal IPO’ed yesterday, raising $54 million for investors.  JP Morgan and Bank America Merrill Lynch underwrote the offering.  $54 million is a respectable number, but nowhere near the highs seen during the tech boom of the 90s.  Paul Boutin of VentureBeat essentially calls it boring (which not a little bit of sarcasm), but boring may just be better when it comes to IPOs.  Here is Boutin’s analysis: ReachLocal IPO raises $54 million for local business-ad service