FX Alliance ( FX) also has warnings flags on its offering. FX provides electronic FX trading products and is seeking $75 million from new shareholders.

The old shareholders? That would be Citigroup ( C), Bank of America ( BAC), Goldman Sachs ( GS), and Morgan Stanley ( MS). They are all getting out. Selling 100%. Investors need to question whether they want this cast-off from the big banks.

It isn't all bad, though. EPAM Systems ( EPAM) is an IT Services provider looking to raise $126 million, and it's worth a look. For the nine months ended in September, sales increased 58%.

EPAM is seeking to sell 7.4 million shares at $16 to $18 each. The stock will be selling at a discount to peers like Sapient ( SAPE) and Infosys Technologies ( INFY). The company has a big presence in Eastern Europe and is enjoying a growing acceptance of IT out of the region as opposed to IT from India. It's priced well and has differentiated itself in a crowded field.

Synacor ( SYNC) is a small offering of $75 million. The company packages and bundles content for Internet customers. Specifically, customers that want to compete with Google ( GOOG), Netflix ( NFLX) and Amazon ( AMZN).

The company, which has only recently achieved profitability, is looking to sell 6.8 million shares at $10 to $12 each. Gaskins notes that at 70x adjusted earnings, the price could seem expensive. He said, "But if the rate of growth continues, then Synacor stock could increase in the after-market beyond the price range."

-- Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

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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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