By Jon C. Ogg,
24/7 Wall St.
2010 has turned out to have some great IPO winners so far. Sure there have been some losers, and some big losers. But there are many winners. Some of the top IPOs we wanted to review are MakeMyTrip (MMYT), HiSoft Technology International (HSFT), ChinaCache International Holdings (CCIH), Qlik Technologies (QLIK), Molycorp (MCP), Fabrinet (FN), AutoNavi Holdings (AMAP), IntraLinks Holdings (IL) and Green Dot (GDOT). We have just listed these mostly in order of performance, and reviewed their performance and some of the prospects that lie ahead. The common theme here is that many of these are foreign companies or interests which tie in with foreign competition needs.
MakeMyTrip, the Indian travel agency, still holds the pole position for IPOs. After a $14 IPO, shares are up over 170% at $38.30. Not bad for an August IPO. It was the best IPO since 2007, although there is a new IPO that rivals it for now. Due to valuations, there is a mixed analyst bag so far.
HiSoft Technology International is also up almost 150% at $24.81 after a $10.00 pricing on June 30, which was the peak of the gloom in the markets when it came public. Think outsourced IT services, but in China rather than India.
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ChinaCache International Holdings is one that may or may not hold up after a huge gain last week in its IPO. The content delivery company in China, again China, had a rough 2009 but the IPO went off wonderfully for those who were allocated shares. The 95% or so gain on its debut also appeared to be the best one-day jump from an IPO in about 3 years. 6.1 million shares priced at $13.90, but the shares opened up far higher and the trading range has been only $26.00 to $30.70 and the $27.00 opening price was its post-IPO debut so it may be hard to consider this one a rocket IPO considering that very few were given shares.Qlik Technologies, Inc. remains unheard of by most, but it remains one of the top IPOs of 2010 and is up more than 125% and has risen. The company develops and sells software solutions for data analysis and reporting solutions. It priced at $10.00 in mid-July, above the range, and the 11.2 million shares did get its over-allotment option exercised. At $22.37, we have a post-IPO trading range of $12.00 up to $27.70. Molycorp is a total anomaly in its model with rare earth oxides (REOs) and the fears that China and other markets will limit shipments of REOs is driving this one. The problem is that its mines won't be fully operation until the end of 2011, so investors paying up more than double from the IPO now are making a real commitment. Shares have been flirting with $30 after a $14.00 pricing at the end of July. It traded as a busted deal and has a post IPO range of $12.10 to $30.50. 100%+ isn't too bad for a company where there seemed to be no hurry at all until recently. The recent news and hype around REOs has shares trading above initial analyst targets as the production won't be in the earnings until 2012 as this point.