Initial public offerings are back, but you'd hardly know from the market's reaction.

Five issues have debuted since Tuesday, with two of Thursday's three issues garnering the largest first-day rises of the week. Shares of

OmniSky

(OMNY:Nasdaq), a provider of Internet services for users of wireless devices, and

TTM Technologies

(TTMI:Nasdaq), a manufacturer of printed circuit boards, were up 35% and 38%, respectively, Thursday afternoon.

In contrast, shares of

Zengine

(ZNGN)

, which helps businesses conduct e-commerce activities, were essentially flat in Wednesday's debut. Israeli software maker

ViryaNet

(VRYA)

was no different Wednesday, closing up 6 cents, or 1%, while

Chiles Offshore

(COD)

did slightly better on Tuesday, closing up $2, or 11%.

That's a far cry from the triple-digit debut gains of the first quarter, marking a return to historical norms.

"Some of the speculative nature of the market has been wrung out," says Randall Roth, senior research analyst at

Renaissance Capital

, which manages the

IPO Plus Aftermarket

fund.

"Eventually we'll get back to a healthier environment, where we can get a first-day pop and where there's money to be made in the aftermarket," Roth continues. "That's really what we want to see." He sees that healthier environment arriving after the presidential election amid forces such as lower oil prices, a stable interest-rate environment and fresh money flows.

In the meantime, although 11 companies have filed with the

Securities and Exchange Commission

to delay or put off their IPOs this month alone, filings for IPOs haven't stopped, ensuring that investors will have plenty to look at in the weeks to come.

Palo Alto, Calif.-based OmniSky priced 9.1 million shares at $12 each, the high end of its $10-to-$12 range. TTM Technologies, based in Redmond, Wash., sold 7.5 million shares at $16 a share, above its $13-to-$15 range. However, Zengine, based in Fremont, Calif., priced its 4.29 million shares at $13 a share, at the low end of its $13-to-$15 range.