In his latest column for Nasdaq.com, Validea CEO John Reese says that the difficult times recent initial public offering stocks like Facebook and Groupon have endured aren’t a surprise, given the history of IPOs. But, he also says that some lesser known IPOs are looking more attractive.

“While flashy just-gone-public companies with exciting products capture investors’ imaginations, and IPO success stories like Google remain in the forefront of our memories, the reality is that shares of many companies that go public don’t come close to meeting expectations,” Reese writes. He cites a study performed by Professors Ivo Welch and Jay R. Ritter that found that, after a big first day jump, IPO stocks tend to far underperform the broader market over the next few years.

But, Reese says, that’s not reason to avoid IPOs altogether. “In my opinion you shouldn’t ignore recent IPO stocks, and, when analyzing them, you should look for the same things you look for when investing in any stock: a strong business with a good balance sheet and solid fundamentals,” he writes. “And such stocks do exist.” Reese uses his Guru Strategies — each of which is based on the published approach of a different investing great — to find some fundamentally sound recent IPO stocks. Among those he highlights: Renewable Energy Group, which gets high marks from his Joseph Piotroski-inspired model.