NEW YORK ( TheStreet --There are seven companies in the IPO pipeline that could top $1 billion.

If all seven were to price before the year's end, 2011 would match 2001 for billion dollar offerings. But just because an offering is in the big money category, that doesn't mean it's going to be successful. Granted, more investors have an opportunity to get in but that can be a curse and not a blessing.

So far, three of the five members of the billion-dollar club that have gone public in 2011 have underperformed.

HCA Holdings ( HCA) is down 38% since its debut, Kinder Morgan ( KMI) is down 15% and Yandex ( YNDX) has dropped 17%.

The next club member is going to Frac Tech International, which filed to raise $1.15 billion on Monday. The company had previously planned to seek $690 million but pulled out in May. The two billion-dollar deals that have paid off for investors in 2011 are Nielsen Holdings ( NLSN), up 12% and Arcos Dorados ( ARCO), up 33%.

Here's a rundown on the companies currently in the billion-dollar pipeline.

Avaya was acquired from Nortel ( NTL) in 2007 by TPG and Silver Lake. As it stands now, its business is declining and it has a very weak balance sheet.

Avaya has picked up Nortel's data center assets, including switches and routers, but it's saddled with huge debt as it tries to compete with big names that are sitting on lots of cash.

Meanwhile, Avaya's debt levels have climbed by almost $1 billion from 2009 to 2011, while its cash balance has dropped to $468 million in March 2011 from $591 million in 2010. Its loss totaled $871 million for the fiscal year ended in September 2010.

Having been taken private for $8.3 billion back in 2007, the company is now valued at $5 billion, according to offering's proposed terms. No wonder TPG and Silver Lake want out.

ILFC is a 20% spinoff from AIG ( AIG). Chief Executive and co-founder Steven Udvar-Hazy abruptly left the company in 2010 and revenue has declined since then.

The aircraft leasing giant is apparently not a core business for AIG. What? Who said planes and insurance don't mix? But even after AIG spins off the company it will continue to own a "significant percentage" of the stock.

Oh and then there's this minor detail that ILFC has to ask the Treasury department's approval before taking certain actions.

The icing on this IPO cake is that ILFC get none of the proceeds from this deal. Put that in your plane and fly it.

Among the kingpins of the buyout world, Carlyle is late to the going public party, following on the heels of Blackstone ( BX), KKR ( KKR) and Apollo ( APO).

Unfortunately, the timing is poor and those stocks are all well off their 2011 highs. Carlyle's filing states it is only seeking $100 million, but the true number is expected to be $1 billion. Unfortunately with the current market volatility, it looks like it may wait until early 2012 to launch the deal.

It hasn't been a good year for newly public companies. The FTSE Renaissance IPO Index is down 17% year-to-date. Also, Dunkin' Donuts ( DNKN), a Carlyle investment, is down almost 3% since its debut.

Carlyle owns 30 million Dunkin' shares after spending $2.4 billion with two other partners to buy the company. So, while Carlyle may have made money off its donut investment, shareholders haven't. Carlyle may be able to make itself some coin but that might not be the case for its shareholders.

Ally Financial is 74% government-owned and unfortunately the value of the mortgage portfolio is a big mystery. What is known is that second-quarter profits fell 80% after the home loan business made fewer loans and bought back more bad loans.

The former GMAC Financial Services is making money on car loans, but posted a loss of $127 million in its mortgage operations. The IPO was filed in March, with the intention to go public before the end of the year.

Ally CEO Michael Carpenter has said the company is "working through the process" with regulators, which means they are really just waiting and crossing their fingers that the market will improve and present a better exit point. The other government-owned offerings -- AIG and GM -- haven't done so well.

Another GM alum in the pipeline is Delphi Auto, which came out of bankruptcy in 2009. Originally, it was a former affiliate of General Motors, but was spun off in 1999. It continues to be a major supplier to GM.

After the bankruptcy, it was acquired by private equity firms Silver Point and Elliot Management. Leaner and less dependent on union workers, Delphi posted net income of $631 million on revenues of $13.8 billion in 2010.

However, it is a cyclical business that takes a beating in economic declines, and it's at the mercy of car manufacturers who are under pressure to cut costs.

Zynga was looking to raise $1 billion through an IPO this month but with the market volatility getting cranked up, it may be NovemberVille before the public sees these shares.

The Securities and Exchange Commission filing suggested the online gaming company has an $11 billion valuation. Of course, that was before regulators started asking some pointed questions about how many customers actually pay for virtual goods. Turns out it's only 5%.

Apparently the SEC doesn't like virtual information to be left out of the real-life filing. Another hiccup came when Agincourt Gaming filed a patent lawsuit against Zynga, claiming violation of two of its patents.This highly anticipated offering could still end up in PostponeVille.

Groupon is another postponed IPO biggie. The company has already canceled a roadshow, and for now, it hasn't rescheduled. Rather it's reassessing the timing of the launch weekly.

The online deal purveyor also suffered a slight setback when its CEO, irritated by criticism, sent an internal memo that saw the light of day. In the memo, Andrew Mason discussed revenue growth and accounting, drawing scrutiny from regulators.

Iain MacDonald, founder and CEO of Skillpages says, "Groupon's accounting policies, and specifically, its decision to previously count customers acquired as assets on their balance sheet are considered "odd" (to say the least) by many market analysts."

MacDonald suggests the company could run out of cash if its massive growth slows in the face of mushrooming competition. Maybe then Groupon could send out a group deal for its stock.

-- Written by Debra Borchardt in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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