Been thinking about IPO investing lately, and there's actually a lot of misconception about how to play it right. Everyone assumes you need to be first in line when a company goes public to make real money. But honestly, some of the biggest gains happen way later, after the initial hype settles.

Look at Google back in the day. IPO priced at $85, but it never traded below $100 on day one because demand was insane. Most people thought the party was over. Turns out they were completely wrong - Google kept running for years and eventually hit above $700 by late 2007. That's the kind of move that makes people money.

On the flip side, remember Zynga and Groupon? Those were the darlings everyone wanted in on. Massive hype, felt like the late 90s tech boom all over again. But they both crashed hard - Zynga down 77%, Groupon down 87% in their first year. Early investors got absolutely wrecked.

The lesson here is patience. You don't need to chase the hot IPO on day one. In fact, if you do your homework and find companies that had their IPO a bit earlier but still have solid fundamentals, that's often where the real opportunities are.

So looking at some of the companies that had their IPO in the recent period, there are a few worth keeping on your radar. Carlyle Group went public in May, up about 16% since then, but analysts are projecting 38% earnings growth ahead. Trading at a PEG ratio of 0.59 versus peer average of 0.97 - that's cheap. If it reprices to peer valuations, you're looking at 64% upside.

MRC Global is another one. They sell pipes and equipment to the energy sector. Energy demand keeps growing, and their Q3 beat estimates by 24%. Earnings revisions are flying higher - 2013 estimates jumped to $2.38 per share with 28% growth expected. Currently trading at 13x forward earnings versus 14x peer average, so there's room to run.

Oaktree Capital is still down 4% since their IPO, but that dividend yield of 5% is attractive. More importantly, earnings are projected to grow 38% next year. The valuation gap versus peers suggests 25% upside potential.

PetroLogistics has been beaten down - down 35% since May IPO - but that's actually creating value. Yield is 7%, and if the market reprices it to peer multiples, you're looking at another 15% climb.

The real takeaway? Don't feel like you're late to the game if you're not buying companies that had their IPO in the first week. Research the fundamentals, find the ones trading below peer valuations, and you'll often make more money than the people who panic-bought on day one. IPOs can be volatile, so keep them as a smaller part of a balanced portfolio. But the patient approach usually wins.