NEW YORK( TheStreet) -- Initial public offerings surged in the second half of 2009, but not all of the deals were lucrative.

Indeed, all but two of the 10 worst IPOs of the year, as measured by stock returns, came to market in the second half of 2009. On the flip side, six of the 10 best IPOS began trading during the first half.

One could argue, in fact, that during the first half of the year, only the highest quality companies were coming to the market at attractive valuations. "These initial deals were done really well," says Eric Guja, research analyst at Renaissance Capital.

But in the second half of the year, specifically October and November, larger companies coming out of the private equity space became more focused on growth, Guja noted. Currently some 59 companies have come to market in 2009; only 14 of those were completed in the first six months of the year. The fourth quarter alone is on track to beat the rest of the year combined.

So which of the 2009 IPOs performed most poorly -- and what can we learn from these public stock flops? Read on....

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