1. Know where to go.
If you're looking for IPOs, do business only with brokers who can get shares for you.

2. Watch for the second-inning swoon.
Many highly successful IPOs plateau or dip after several months because the mania surrounding them cannot be sustained.

3. Numbers do tell the story.
In a prospectus, read the balance sheet first. Numbers aren't ambiguous.

4. Ask a broker: Can we talk?
When interviewing a prospective broker, make it clear that you expect the option of IPO shares in return for a certain level of trading business.

5. Check it out.
When your broker calls with an IP0, ask him for all pertinent research reports. Then seek reports from other sources before deciding.

6. Look for these things.
When researching an IPO, ensure that the company has a good growth record, a firm market niche, a clear and legitimate purpose for the proceeds, and an experienced management team.

7. Go where the action is.
In seeking a broker who can get you into IPOs, consider only brokerage firms whose investment-banking arms have a successful record with new issues.

8. Disregard all rumors.
The IPO field may be the most rumor-filled field of investing. As in other fields, relying on rumor can be fatal.

9. Where's the dough?
Many a promising company has been derailed by overly rosy projections. In evaluating an IPO, discern whether the company's finances are strong enough to keep it going if profits don't come in as planned.

10. Who's on board?
When evaluating an IPO, see whether any brand-name companies are stock owners; this is usually a good sign.