Technology IPOs seem back in vogue, but a look at the 2007 crop shows the market can still be a cruel mistress.

That's got to put some shaking in the knees of companies like ANDA Networks Inc. , Broadview Networks Holdings Inc. , Fabrinet Co. Ltd. (NYSE:FN) , and the newly formed Source Photonics Inc. -- all of which have active S-1 forms filed with the Securities and Exchange Commission (SEC) .

(See ANDA Files for $86M IPO, IPO Alert: Broadview Files Its S-1, IPO Alert: Fabrinet, and Source Photonics Files for IPO.)

As part of our look back at 2007, we've tallied the results of the year's telecom-related IPO disappointments. Consider it an adjunct to our reports on the stock market's ups and downs. (See 2007 Top Ten: Share Shrinkers and 2007 Top Ten: Stock Rockets.)

To be fair, some IPOs came up roses. Infinera Corp. (Nasdaq: INFN) couldn't be too unhappy about its debut, and Aruba Networks Inc. (Nasdaq: ARUN) and Starent Networks Corp. (Nasdaq: STAR) fared well. Indian firm Idea Cellular Ltd. also gave good returns, although its IPO price of 75 rupees translates to less than $2.

Table 1: Top Gaining IPOs, 2007

We included Entropic Communications Inc. (Nasdaq: ENTR) and Intellon Corp. (Nasdaq: ITLN) there, even though both entered the public market in December, meaning they don't have much in the way of trading history. (See IPO Flatliners.)

A bigger proportion of IPOs delivered less happy news.

Table 2: Top Non-Gaining IPOs, 2007

Rather than use a countdown format, we'll start with the hardest-luck stories:

1. BigBand Networks Inc. (Nasdaq: BBND), down 60.5 percent. BigBand started hot, but its second-half earnings gave its shares a new direction. (See BigBand Looks to Resolve BigProblems, BigBand Terminates CMTS, and Creating a Silver Lining Among the Dark Clouds.)2. Towerstream Corp. (Nasdaq: TWER), down 60.4 percent. Technically not an IPO, Towerstream made it to the Nasdaq from over-the-counter territory, with less than towering results. (See TowerStream Falls on $40M Share Offer.)

3. Limelight Networks Inc. (Nasdaq: LLNW), down 54 percent. CDNs are hot, but Limelight is still recovering from a summer swoon. (See Limelight's Dim Q2.)

4. Clearwire LLC (Nasdaq: CLWR), down 45 percent. WiMax just got no respect here. (See No. 2 and Clearwire's Bubble Bursts.)

5. Opnext Inc. (Nasdaq: OPXT), down 41 percent. For telecom photonics, public markets were tough all around. (See Optical Outlook.)

6. Virgin Mobile Telecoms Ltd. , down 41 percent. Virgin didn't raise the $506 million it hoped for, and it's been downhill in the three months since. (See Virgin Mobile USA Makes $412M in IPO.)7. Veraz Networks Inc. (Nasdaq: VRAZ), down 40 percent. Investors got jittery from the start, in Veraz's case. (See Veraz Looks for Respect.)8. Airvana Inc. , down 22 percent. One IPO that couldn't find nirvana. (See Airvana Makes $58M in IPO.)

9. MetroPCS Inc. (NYSE: PCS), down 15 percent. Those billboards with the screaming people? They make a little more sense now. (See MetroPCS Eyes $1B IPO.)

10. There is no No. 10, although Espial Group Inc. (down 53 percent on the Toronto exchange) would have fit, had we considered non-U.S. IPOs.

— Craig Matsumoto, West Coast Editor, Light Reading