Two more IPOs started trading Friday, joining the December flurry, the most active month for IPOs in three years.

Kintera

( KNTA) shares jumped 44% from their offer price of $7 a share.

The 5-million share offering was priced below its $8 to $10 range. Recently, shares were skyrocketing $3.10 to $10.10.

SG Cowen and CIBC World Markets are the underwriters for Kintera, which provides fundraising software to nonprofit organizations.

"If companies are not profitable but have a nice trend line with top line revenue, gross margin is high and if it can continue to increase sales, then they will break even," said Francis Gaskins, co-editor of IPOdesktop.com.

Despite reporting a loss in its latest quarter, Gaskin said the company has gross margins of around 78%, which signals a decreasing loss and break-even potential.

Also on Friday, real estate trust

Luminent Mortgage Capital

( LUM) priced its IPO at $13 a share, also at the low end of the target range of $13 to $15 range. Shares were lately up 66 cents, or about 5%, at $13.66.

Almost two dozen IPOs are expected to launch in December, double the number in the first half of the year alone. Thirteen debuted this week, with many pricing below expected ranges. Typically, those that priced below have reported losses in their most recent quarter, Gaskins said.

"The key is the last quarter," he said. "It's a 'What have you done for me lately?' feel. If they haven't made a profit, then they're lucky to do an IPO."

Eleven companies have filled IPO requests in December, including customer relationship management service provider

Salesforce.com

and

ProCentury Corporation

, a specialty lines insurer, on Thursday.

Houston-based savings and loan company

Franklin Bank

( FBTX) debuted on Thursday, and shares rose more than 20% from the $14.50 offer price. Lately, shares were down 21 cents, or 1.2%, at $17.59.

Also on Thursday were

Knology

( KNOL),

Tempur-Pedic International

(TPX) - Get Report

and

Marshall Edwards

( MSHL).

Knology priced at $9, far below its expected range of $12 to $14; shares were down 23 cents, or 2.5%, at $9.15 lately.

Tempur-Pedic also priced below its expectation of $15 to $17, at $14; shares were up 8 cents, or 0.5%, at $15.58 in Friday trading. Marshall Edwards priced about 2 million shares at $7.50 each; shares were climbing $1, or 13%, at $8.50.

Acorda Therapeutics

was expected to debut on Thursday but was postponed because of current market conditions. It plans to offer 4.8 million shares at $12 to $14.

Meanwhile,

Orbitz

( ORBZ) and

China Life

(LFC) - Get Report

, the biggest IPO of the year, debuted on Wednesday. Orbitz shares dropped about 5.2% on their first day of trading after starting with a per-share price of $26. China Life shares started at $18.68 and jumped 27% on their opening day.

Recently, shares of Orbitz were up $1.30, or 5.6%, at $24.30, and shares of China Life were up 62 cents, or 2.7%, at $23.57.

Also debuting Wednesday were

Universal Technical Institute

(UTI) - Get Report

,

Provide Commerce

( PRVD) and

Falcon Investment Trust

(FLCN)

.

Recently, shares of Universal Technical Institute were up 35 cents, or 1.3%, at $26.41; shares of Provide Commerce were rising 2 cents, or 0.1%, at $14.02; and Falcon Investment Trust was down 4 cents, or 0.4%, at $9.09.

On Tuesday,

United National Group

( UNGL) debuted at $17, the middle of its $16 to $18 expected range. Shares were lately unchanged at $17.10.

And on Monday

Highland Hospitality

(HIH)

debuted 30 million shares at $10 a share. Shares were down 18 cents, or 1.7%, at $10.52 in Friday trading.