By David Sterman

NEW YORK ( TheStreet) -- The IPO market continues to heat up with deals coming this week for GM, Booz Allen, Caesars Entertainment and a half dozen other firms. The flurry of deals puts us on track for the most robust quarter for initial public offerings in more than two years. Looking at the pipeline of new deal registrations, the first quarter of 2011 may be even hotter.

I recently looked at a strategy that uses analyst research to find stocks about to pop (Read The Secret Way to Play IPOs ).

Yet that's not the only way to look for upside among recent new deals. You can also scan lists for "broken IPOs," which are firms that have been public for a short while and are drifting lower while investors focus on more established companies.

Last month, I took a look at top-performing IPOs . As I wrote back then, "many new IPOs take time to find their sea legs and only take off well after their debuts. In fact, every single stock mentioned in that piece came out of the gate with a whimper and only started rising many weeks or months after their debut."

The stocks in the table below are all broken IPOs, each is trading off at least -15% from its IPO offering price. I've pored through the list and found the best rebound candidate.

Complete Genomics (GNOM)

Any company that struggles to fetch a desired IPO price is a conundrum for investors. On the one hand, a lower-than-expected price is a sign that investor demand just isn't there. On the other hand, you've got a chance to buy a stock at a cheaper price than investment bankers have recently assessed.

Case in point, Complete Genomics, which hoped to sell shares for $12 to $14, had to settle for a $9 offering price last Friday, and the stock is now down to $7. That's just half the high end of the expected range of pricing. The weak demand may be due to the fact that rival Pacific Biosciences ( PACB) had just pulled off an IPO weeks earlier, snatching the attention of any fund managers that buy these kinds of companies.

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