The Best IPOs of 2010

By Jon C. Ogg, 24/Wall St.

This year has been mixed when it comes to the market for initial public offerings. Many of the 2010 IPOs have gone from hot to snot, and there are over 20 busted IPOs trading under their offering price. This year's class of IPOs has many winners with double-digit percentage gains despite the market's recent choppiness.

We are tracking gains so far in MakeMyTrip(MMYT), Fabrinet(FN), Qlik Technologies(QLIK), Green Dot(GDOT), AutoNavi Holdings(AMAP), RealD(RLD), Oasis Petroleum(OAS) and RealPage(RP).

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We have outlined the performance and added color in on the operations so that there is some extra outlook possibility into the future.

MakeMyTrip just became the best IPO of 2010. It actually may have been the best IPO debut since 2007. The online travel agency based in India sold 5 million shares at $14 per share versus a $12 to $14 expected price range. That comes to $70 million or $80.5 million in gross proceeds if you consider the shares that will have been sold in the overallotment option. Shares closed at $26.45 on its first day of trading for an 88.9% gain. With shares down around $25.50, MakeMyTrip is now 'only' up 82%. Keep in mind that this one opened up at $22 on Thursday, so that should really be considered the real benchmark for everyone else that did not get IPO shares.

Fabrinet came public at the end of June, in the middle of the selling fury, which may account for some of the 'value' despite the issue that it ran solidly over the last week and a half. The company is based in the Cayman Islands but has its facilities in the U.S., China, and Thailand. It provides foundry services to optical component, module, and subsystem original equipment manufacturers. Of the 8.5 million shares offered, 2,830,000 shares were sold by the company and the pricing was at $10. The interesting aspect here is that Fabrinet actually turned into a busted-IPO in late July and early August before a big swing upward in recent days. AT $14.40, Fabrinet is now up 44% from the IPO and up about 50% from the real post-IPO lows. Both Deutsche Bank and Stifel Nicolaus initiated the stock with Buy ratings early this month.

Qlik Technologies remains unheard of by most, but it remains one of the top IPOs of 2010 and was up about 50%. The company develops and sells software solutions for data analysis and reporting solutions. The price range was $8.50 to $9.50, yet it's priced at $10 in mid-July. The 11.2 million shares did get its over-allotment option exercised, so underwriters sold some 12,880,000 shares after it was all said and done. At $14.98, we have a post-IPO trading range of $12 up to $16.04. At $14.35 today, Qlik is trading up 43.5% from its IPO price.