The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Hilary Kramer, InvestorPlace.com NEW YORK ( InvestorPlace) -- Graham Packaging ( GRM), which develops plastic containers for consumer products, launched an IPO early last year. But investors were not impressed with GRM stock. Graham Packaging priced the deal at $10 a share, which was well below the $14-$16 price range. And then newly minted GRM stock treaded water. Well, things certainly perked up this year for Graham Packaging. In April, Graham received a buyout offer from Silgan ( SLGN). Then in the past few weeks, New Zealand's Rank Group joined the fray, making its own bid for GRM stock. The shares of Graham stock are now trading at $25.89. Yes, you don't have to play highfliers like LinkedIn ( LNKD) to make money on IPOs.