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Jim Cramer's 'Mad Money' Recap: Surprise! It's a Rally

Finally, there's Q2 Holdings, which will sport the ticker "QTWO." Cramer said this company offers online banking services to 334 smaller banks and expects to price its shares between $11 and $13 a share.

Cramer said he's not a fan of some other upcoming cloud IPOs, including A10 Networks, Amber Road and BorderFree.

Biotechs on the IPO Trail

Continuing with his IPO theme, Cramer highlighted another coming initial public offering, this time in the red-hot biotech segment. There have been four biotech IPOs since January that have more than doubled, Cramer noted. While this does represent froth in the markets, why not take advantage of it in the short-term while the trend continues?

The company is MediWound, which will trade as "MDWD" when it debuts. Cramer said this Israeli company is developing a drug to remove dead tissue from burn victims, tissue that would have to be surgically removed otherwise. While only in Phase II testing, the drug represents a huge step forward and, thanks to orphan drug status, will have little competition.

MediWound is a tiny deal, pricing between $14 and $16 a share for a valuation of just $306 million. Cramer said he's recommending this as a trade off the IPO and not as a longer-term investment. The company doesn't expect any profits until 2018.

Other biotech IPOs that caught Cramer's eye are Akebia Therapeutics and Versartis, but he remains most excited about MediWound.

Lightning Round

In the Lightning Round, Cramer was bullish on Kate Spade (KATE), Pengrowth Energy Trust (PGH), Zulily (ZU) and American International Group (AIG).

Cramer was bearish on Prospect Capital (PSEC).

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