I have to disagree. While GoDaddy has lost money, they are one of the most well known registrars due to their advertising and branding. I expect the IPO price to be fair, but also cheap enough for everybody to jump onboard.
In the domain world, many of us would rather not use GoDaddy, but you have to remember that most investers are not domainers. Most people that I know can't name one domain registrar besides GoDaddy. It's the only one as far as the "noobs" are concerned, and there are way more noobs than vets in this case.
Like I said, it may not go up and up forever, (I highly doubt it will), but I am confident that it will see a jump at the beginning. The media will eat this up, as GoDaddy is a huge well known company.