Just like opening day at the ballpark, investing in new IPOs holds the potential for shining promise and crushing disappointment. If you simply can't bear to just cheer on your favorites from the sidelines, at least be careful about investing in this league. Many new issues swing for the fences during their first trading days, only to slump once the marketing hype has given way to mundane earnings reports.

Don't commit an error by stocking your entire portfolio with rookies. Allocate just a small percentage of your risk capital to IPOs. Scout your potential phenoms carefully, and be choosy about composing your own rotisserie league. Investing with an eye for a season extending long beyond opening day will reward you with quality players capable of staying in the game. With that in mind, we offer our Foolish scouting report of the latest IPOs.

Last week's games
No games were played last week as investment bankers put their players through conditioning warm-ups for the first busy week of this half of the IPO season.

On deck
Several major IPOs are slated for the coming week, including the following:

  • CommVault
    • Proposed ticker: Nasdaq: CVLT
    • Industry: Software provider
    • Proposed deal terms: 11.1 million shares, $12.50-$14.50 per share
    • Lead managers: Credit Suisse and Goldman Sachs
    • Filed: March 17

  • DivX
    • Proposed ticker: Nasdaq: DIVX
    • Industry: Software provider
    • Proposed deal terms: 9.1 million shares, $12-$14 per share
    • Lead managers: JP Morgan, Banc of America, and Cowen
    • Filed: May 5

  • Hawkeye Holdings
    • Proposed ticker: NYSE: HWY
    • Industry: Ethanol producer
    • Proposed deal terms: 15.9 million shares, $21-$23 per share
    • Lead managers: Credit Suisse, Morgan Stanley, and Banc of America
    • Filed: May 30

  • Hiland Holdings
    • Proposed ticker: Nasdaq: HPGP
    • Industry: Natural-gas processor
    • Proposed deal terms: 7 million units, $17.50-$19.50 per share
    • Lead manager: Lehman Brothers
    • Filed: May 26

  • Home Diagnostics
    • Proposed ticker: Nasdaq: HDIX
    • Industry: Diabetic-product manufacturer
    • Proposed deal terms: 6.6 million shares, $14-$16 per share
    • Lead managers: JP Morgan and Piper Jaffray
    • Filed: May 1

  • Porter Bancorp
    • Proposed ticker: Nasdaq: PBIB
    • Industry: Regional banking (Kentucky)
    • Proposed deal terms: 1.6 million shares, $23-$26 per share
    • Lead managers: Sandler O'Neill and Keefe, Bruyette, & Woods
    • Filed: April 11

  • Riverbed Technology
    • Proposed ticker: Nasdaq: RVBD
    • Industry: Tech
    • Proposed deal terms: 8.4 million shares, $7-$8.50 per share
    • Lead managers: Goldman Sachs, Citigroup, and Deutsche Bank
    • Filed: April 20

  • Warner Chilcott
    • Proposed ticker: Nasdaq: WCRX
    • Industry: Pharmaceutical
    • Proposed deal terms: 70.6 million shares, $17-$19 per share
    • Lead managers: Goldman Sachs, Credit Suisse, JP Morgan, and Morgan Stanley
    • Filed: June 9

Game of the week
The post-summer IPO season gets back into full swing this week. Fans will be indulged with offerings from a variety of sectors, including three tech companies and an ethanol producer. All are expected to have at least decent openings, benefiting from the upswing in the market and the lull in offerings.

Check out all of the games to judge the start of this season. Pharmaceutical Warner Chilcott, specializing in women's health, should score as the largest deal. Of the three techs, digital-media formatting company DivX is expected to garner attention from its popular WebPlayer 1.0 and quickly strengthening financials. It should also be interesting to watch ethanol producer Hawkeye, which becomes the third public offering in its industry this year. Once the darling of the hot and trendy crowd, the ethanol industry is now being considered a bit more realistically, as onlookers take into account rapid plant expansion and falling energy prices in general.

Warming up in the bullpen

  • Bare Escentuals, a cosmetics manufacturer, announced proposed deal terms of 16 million shares, offered at $15-$17 per share. The lead managers are Goldman Sachs and CIBC World Markets.

  • CBRE Realty Finance, a commercial REIT, announced revised deal terms of 10 million shares, offered at $15-$17 per share, decreased from 12.5 million shares announced previously. The lead managers are Credit Suisse, Deutsche Bank, Citigroup, Wachovia, and JMP Securities.

  • Eagle Rock Energy Providers, a natural gas producer, announced deal terms of 12.5 million units, offered at $19-$21 per unit. The lead managers are UBS, Lehman Brothers, and Goldman Sachs.

  • EV Energy Partners, an oil and gas developer, announced deal terms of 3.9 million units, offered at $19-$21 per unit. The lead managers are A.G. Edwards, Raymond James, Wachovia, and Oppenheimer.

  • ICF International, a government consultant, announced deal terms of 4.67 million shares, offered at $14-$16 per share. The lead managers are UBS, Stifel Nicolaus, William Blair, and Jefferies.

Sent down to the minors
No companies announced postponements of their offerings during the past week.

Minor-league developments
Get ready, get set . not yet! The latest filings announced during the past two weeks include:

  • ASAlliances Biofuels
    • Proposed ticker: Nasdaq: ASAB
    • Industry: Ethanol producer
    • Proposed deal terms: Not yet determined
    • Lead managers: UBS and Lehman Brothers
    • Filed: Sept. 15

  • Obagi Medical Products
    • Proposed ticker: Nasdaq: OMPI
    • Industry: Skin-care product manufacturer
    • Proposed deal terms: Not yet determined
    • Lead managers: JP Morgan, CIBC World Markets, Thomas Weisel, and Robert Baird
    • Filed: Sept. 1

  • Petrie Parkman
    • Proposed ticker: NYSE: PDP
    • Industry: Investment banker
    • Proposed deal terms: Not yet determined
    • Lead managers: Petrie Parkman and Keefe, Bruyette, & Woods
    • Filed: Sept. 1

  • Universal Power Group
    • Proposed ticker: NYSE: UPG
    • Industry: Power-supply manufacturer
    • Proposed deal terms: Not yet determined
    • Lead managers: Ladenburg Thalmann and Wunderlich Securities
    • Filed: Sept. 12

Disabled list
No companies announced withdrawals of their offerings during the past week.

Current champions
Meet our current 2006 champs. Among companies that went public this calendar year, these firms' percentage returns from their offer prices to last week's closing price rank them as the top five players.

Company

Return

Description

IPO Date

Chipotle Mexican Grill (NYSE:CMG)

132.7%

Mexican- restaurant operator

1/25/06

Omrix Biopharma-ceuticals (NASDAQ:OMRI)

85.4%

Medical- products maker

4/21/06

New Oriental Education
(NYSE:EDU)

76%

Chinese educational- services provider

9/7/06

Pacific Airport Group (NYSE:PAC)

67.3%

Mexican airport operator

2/24/06

Techwell
(NASDAQ:TWLL)

68.3%

Semiconductor manufacturer

6/21/06



Current benchwarmers
Now meet our current 2006 benchwarmers -- that's nicer to say than "losers," isn't it? Among companies that went public this calendar year, these firms' percentage returns from their offer prices to last week's closing price rank them as the bottom five players.

Company

Return

Description

IPO Date

Traffic.com (NASDAQ:TRFC)

(63.4%)

Traffic-information provider

1/25/06

SGX Pharmaceuticals (NASDAQ:SGXP)

(63.3%)

Biotech firm

2/1/06

Acorda Therapeutics (NASDAQ:ACOR)

(60.2%)

Biotech firm

2/10/06

Digital Music Group
(NASDAQ:DMGI)

(58.1%)

Digital-music provider

2/2/06

Cardica
(NASDAQ:CRDC)

(56.1%)

Medical- device maker

2/3/06



Groupies and fan clubs
If you don't want to declare your loyalties for specific players but still want to enjoy the action, consider subscribing to an IPO-focused mutual fund or exchange-traded fund. Of course, do your scouting homework here, too, and make sure you read the prospectuses before you buy season tickets.

Last week, the First Trust IPOX 100 (AMEX:FPX), an ETF, was the big winner in its league, climbing 4.1%. The IPO Plus Aftermarket (FUND:IPOSX), a mutual fund, advanced 1.5%, while the Russell 2000 gained 2.9%, and the Nasdaq rose 3.2%.

Keep reading the Fool to see how your favorite players perform as they mature!

We're publicly offering further Foolishness:

Sources for the information in this column come from Renaissance Capital's IPOhome.com, SEC filings, and Reuters.

JPMorgan is a Motley Fool Income Investor recommendation. For more coverage of great dividend-paying stocks, try out Income Investor free for 30 days.

Fool contributor S.J. Caplan roots for the Cleveland Indians when her husband is watching and for the Boston Red Sox when he leaves the room. She holds no financial position in any firms or funds mentioned here. The Fool has a disclosure policy.