There is an axiom in the field: When you want an IPO, you can't get it. But when you get it, you don't want it.

Such is the paradoxical nature of what lies on the other side of a blind hill. The IPO game is won by those who make the most educated guess about how green that grass actually is and the informed judgments about whether an IPO is worth the asking price. Not only that, you've got to be right about whether marketmakers will reach the same conclusion.

The first couple of IPOs you go for will have to make sense to you in a personal, concrete way. For example, you might have seen a lot of trucks on the road from a start-up package delivery company, and this may prod you to do some research -- always a sound substitute for relying on rumor in his hype-filled field.

Seek this essential information:

• What is the company's growth record? A good benchmark is 25 percent a year for the past three or four years. Make sure that the growth is the result of smarts rather than luck. For example, how was our hypothetical delivery company doing several years ago, when no one was making Web purchases? This information will yield insights as to how they'll be doing when all competitors get on the Web-goods gravy train.

• What will the company do with the proceeds? If the only thing keeping a company out of the desirable growth range is debt, proceeds from the IP0 may be all it needs to turn the corner. Similarly, if the company is new and needs the proceeds to expand, this is a legitimate use.

Beware of IPOs that won't say specifically what the money's for. Too often, they're looking for a general cash infusion as a remedy for weak management. Does the company have a distinct market niche? You might find that the delivery company is benefiting from the increase in purchases from Web sites, but this doesn't mean the firm is necessarily poised to rise above the legion of delivery companies ramping up to meet this demand. Find out: Are their costs -- and, hence, rates -- competitive? Is their on-time record appealing to finicky Internet companies obsessed with speed?

• Who are the company's clients? Their big accounts speak volumes about the quality of their product. If the delivery company handles Lands' End and L.L. Bean, that's a good sign.

• Who are the existing shareholders? When companies go public, they typically offer up only a fraction of their stock. The rest is owned by those who bought into the company early on, when it was a fledgling, privately held concern. If you're looking at a Silicon Valley company and you find that its early investors include brand-name venture capitalists like Sequoia Capital, and you decide the price isn't too high, then go see your broker and genuflect.

Similarly, if big chunks of stock are owned by profitable companies whose own stocks you admire, these issues are worth a closer look. Who are the managers? The toughest part of assessing IPOs is the company has no track record. But the managers may -- from previous roles as officers in publicly traded companies. If they've already been with some winners, this is a good omen. Those who've tasted success can often smell it from a distance.

Next: Prospectus, price and performance