10 Best-Performing IPOs of 2011

BOSTON ( TheStreet) -- HomeAway ( AWAY) is the latest hotly anticipated initial public offering this year, with shares of the online vacation rental company rising 50% in their debut Wednesday. But other initial share sales made investors more money -- doubling returns in some cases.

This year has already seen its share of super-hyped initial public offerings from companies like LinkedIn ( LNKD), ZipCar ( ZIP), Pandora ( P) and Spirit Airlines ( SAVE). Even more have filed for IPOs, including videogame maker Zynga and Groupon.

A total of 77 IPOs have been priced in 2011, a 22% increase from this time last year. More than $25 billion in proceeds have been raised, a 180% jump. The average IPO in 2011 has increased only 8.4% from its offer price, according to Renaissance Capital's IPOHome. That's down from last year's 25% gain but has still managed to beat the benchmark S&P 500 Index's 3.4% return.

Investing in a hot, new IPO is anything but a sure bet, though. Popular companies like ZipCar, FriendFinder Networks ( FFN) and RenRen ( RENN) are down anywhere from 30% to 60% since their debut earlier this year.

Some IPOs have rewarded investors with outsized returns, well above average. TheStreet examined the highest-returning IPOs this year, using data provided by Edgar Online.


10. Responsys ( MKTG)

Company Profile: Responsys provides on-demand software that enables email-based relationship marketing, allowing marketers to design email campaigns.

Return Since IPO: 41.7%

IPO Date: April 20

Offer Price: Responsys offered 6.6 million shares at $12 per share

Analyst Consensus: Responsys gets high praise from Wall Street firms, as the five analysts following the stock rate it as either "buy" or "outperform," including those at Credit Suisse, JMP Securities and William Blair.

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9. RPX Corp. ( RPXC)

Company Profile: RPX helps corporations manage their exposure to patent litigation, offering defensive buying, acquisition syndication, patent intelligence and advisory services.

Return Since IPO: 42.3%

IPO Date: May 3

Offer Price: RPX offered 8.4 million shares at $19 per share

Analyst Consensus: RPX is popular among research firms, garnering four "buy" ratings from firms like Davenport & Co. and Robert W. Baird. Two other firms, including Goldman Sachs, recommend that investors hold shares.


8. Cornerstone OnDemand ( CSOD)

Company Profile: Cornerstone OnDemand is a provider of on-demand talent management software, allowing clients to develop employees, engage all employees effectively, and improve business execution.

Return Since IPO: 43.5%

IPO Date: March 16

Offer Price: Cornerstone OnDemand offered 10.5 million shares at $13 per share

Analyst Consensus: Cornerstone OnDemand receives high marks from analysts, with all seven research firms following the stock rating it "buy." They include Barclays Capital, Piper Jaffray and Pacific Crest Securities.

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7. Tornier ( TRNX)

Company Profile: Based in Amsterdam, Tornier makes devices for joint replacement and soft-tissue repair.

Return Since IPO: 44.3%

IPO Date: Feb. 2

Offer Price: Tornier offered 8.8 million shares at $19 per share

Analyst Consensus: Tornier is also popular on Wall Street, earning seven "buy" ratings from all seven firms covering the company, including Wells Fargo Securities and JPMorgan.


6. Pacira Pharmaceuticals ( PCRX)

Company Profile: Pacira is a specialty pharmaceutical company. The company's lead drug candidate is Exparel, a long-acting anesthetic/analgesic product for postsurgical pain management.

Return Since IPO: 70.9%

IPO Date: Feb. 2

Offer Price: Pacira offered 6 million shares at $7 per share

Analyst Consensus: Pacira earns high marks with five "buy" ratings from all five research shops covering the stock. They include Piper Jaffray, Wedbush and Brean Murray.

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5. Fusion-io ( FIO)

Company Profile: Fusion-io has developed a new storage memory platform that improves the processing capabilities within a data center by moving active data closer to the CPU where it is processed.

Return Since IPO: 72.7%

IPO Date: June 8

Offer Price: Fusion-io offered 12.3 million shares at $19 per share

Analyst Consensus: The so-called quiet period on Fusion-io does not expire until July 19.


4. Sagent Pharmaceuticals ( SGNT)

Company Profile: Sagent Pharmaceuticals markets generic injectable drugs to hospitals.

Return Since IPO: 74%

IPO Date: April 19

Offer Price: Sagent offered 5.8 million shares at $16 per share

Analyst Consensus: Jefferies is among three research firms with a "buy" rating on Sagent, while Needham & Co. has a "hold." No firm rates Sagent a "sell."

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3. LinkedIn ( LNKD)

Company Profile: LinkedIn operates the world's largest professional network on the Internet with more than 100 million users.

Return Since IPO: 90%

IPO Date: May 18

Offer Price: LinkedIn offered 7.8 million shares at $45 per share

Analyst Consensus: After the quiet period on LinkedIn expired on June 28, LinkedIn received an "overweight" rating from JPMorgan. Other firms weren't as enthusiastic, with Evercore Partners issuing a "hold" and Montrose Securities analysts recommending that investors sell shares.


2. ServiceSource International ( SREV)

Company Profile: ServiceSource provides a service revenue management and renewals platform, which helps technology companies improve maintenance, support and subscription revenue streams.

Return Since IPO: 109%

IPO Date: March 24

Offer Price: ServiceSource offered 11.9 million shares at $10 per share

Analyst Consensus: ServiceSource earns eight "buy" ratings from Wall Street research firms, including Lazard Capital, Deutsche Bank and JMP Securities. The only other firm following the stock, Capstone Investments, suggests investors hold on to shares.

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1. Endocyte ( ECYT)

Company Profile: Endocyte is a biopharmaceutical company developing targeted therapies for the treatment of cancer and other serious diseases. Endocyte is developing a treatment for ovarian cancer, which is currently entering Phase III trials.

Return Since IPO: 135%

IPO Date: Feb. 4

Offer Price: Endocyte offered 12.5 million shares at $6 per share

Analyst Consensus: Of the four firms following Endocyte, including RBC Capital and Leerink Swan, all rate Endocyte "buy."

-- Written by Robert Holmes in Boston.

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