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Top IPOs of 2009: Five Stocks to Watch

Duoyuan Global Water

With a shortage of clean water in China, there is significant demand in Beijing-based water-treatment-and-processing company Duoyuan Global Water (DGW).

The proof of this investor interest came right after the company began trading on the New York Stock Exchange on June 24. Priced at $16 a share, topping its expected range between $13 and $15, it soared nearly 40% in its first day on the market.

That energy hasn't waned. Over the course of the half year since its debut, Duoyuan Global Water has spiked 134% to close at $37.49 on Jan. 4.

The China Association of Environmental Protection Industry estimates that circulating water treatment, purification and wastewater treatment equipment will become an $18 billion industry by 2010. With sales of only $87 million in 2008, Duoyuan has substantial room to grow, according to Morningstar.

"Because China lagged developed countries in water-treatment needs, Duoyuan was able to offer products that meet domestic demand, but might be too low-end for multinational companies to have a technological edge on," Morningstar said in a note.

Water-treatment giants like General Electric (GE - Get Report) have been unsuccessful at penetrating the Chinese market.

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