In fact, of the 10 worst IPOs of 2009, as measured by stock-price returns, eight came to market in the second half of the year.

Though there were several successful REIT IPOs earlier in the year from Cypress Sharpridge Investments ( CYS) and Starwood Property Trust ( STWD), "by the time September rolled around, the add-on REIT IPOs were harder to distinguish from each other, and ultimately experienced tepid demand," Buhr wrote.

Last week, Chesapeake Lodging Trust and Ellington Financial failed to price. Pebblebrook Hotel Trust ( PEB), a hotel REIT, managed to raise $350 million.

KAR ( KAR), a used-vehicle auctioneer, offered 25 million shares at $12 apiece, significantly below the expected range of $15 to $17 a share.

Also on deck this week: National Beef, Team Health and Kraton Performance Polymers, none of which Buhr is overly excited about, he said.

--Reported by Jeanine Poggi in New York.


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Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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