December IPO Blizzard Nearing End

Two more IPOs started trading Friday, joining the December flurry, the most active month for IPOs in three years.

Kintera(KNTA) shares jumped 44% from their offer price of $7 a share.

The 5-million share offering was priced below its $8 to $10 range. Recently, shares were skyrocketing $3.10 to $10.10.

SG Cowen and CIBC World Markets are the underwriters for Kintera, which provides fundraising software to nonprofit organizations.

"If companies are not profitable but have a nice trend line with top line revenue, gross margin is high and if it can continue to increase sales, then they will break even," said Francis Gaskins, co-editor of IPOdesktop.com.

Despite reporting a loss in its latest quarter, Gaskin said the company has gross margins of around 78%, which signals a decreasing loss and break-even potential.

Also on Friday, real estate trust Luminent Mortgage Capital(LUM) priced its IPO at $13 a share, also at the low end of the target range of $13 to $15 range. Shares were lately up 66 cents, or about 5%, at $13.66.

Almost two dozen IPOs are expected to launch in December, double the number in the first half of the year alone. Thirteen debuted this week, with many pricing below expected ranges. Typically, those that priced below have reported losses in their most recent quarter, Gaskins said.