????近日，Facebook公司正積極籌備，準備在公開市場融資50億美元占據了媒體首次公開募股（IPO）報道的大部分版面。不過，即使是Facebook整裝待發的IPO似乎也難逃一些人挑剔的審查，但是幾家打著云計算旗號、規模較小的IPO卻進展得得順風順水。

????最近的一個例子是Bazaarvoice公司。該公司以每股12美元的價格售出了950萬股，高于每股8到10美元的發行價區間。上周五，也就是其首個交易日，Bazaarvoice股價大漲38%，報收于每股16.51美元。這家公司位于德克薩斯州的奧斯丁市，主要業務是監測各類社交網站和評論網站上對各種產品和服務的評價。在某種程度上，Bazaarvoice上市是在為更大牌的公司上市投石問路，特別是Facebook和點評網站Yelp。但由于它的口碑管理軟件主要是在線運作，它也應歸入近期IPO的其他云計算企業中。

????一周前，Brightcove公司也上市了，交易首日股價大漲30%。這家公司的主要業務是提供基于云的平臺，客戶可利用這些平臺發布在線視頻。自上市以來，其股價保持堅挺，上周收于15.10美元，比發行價上漲了37%。使用該公司服務的客戶包括通用汽車公司（General Motors）和電子藝界公司（Electronic Arts）。

????它們受到資本市場如此熱捧不是沒有原因的。Bazaarvoice 公司和 Brightcove公司目前正健康增長，這正是投資者樂于在新上市公司身上看到的現象。2011財年，Bazaarvoice的營收增長了67%，而在截至2012年1月的9個月中增長了65%。Brightcove公司 2010年的營收增長了21%，而去年它更是大步前進，增長了45%。

????近期的IPO市場吹毛求疵、格外挑剔，因此有些經濟指標已讓一些IPO難以順利過關，甚至胎死腹中。而這兩家公司也存在一些類似的指標。過去兩個財年間，很大程度上是由于營業費用吞掉了絕大多數營收，這兩家公司都處于凈虧損狀態。同期，它們的現金流也都為負數。

????無論是Bazaarvoice還是Brigthcove，其收入都不足以支撐自身運營。Bazaarvoice稱，獲得新客戶的預付費用，加之收入要延期入賬，導致了負的現金流。Brightcove也稱，由于新客戶增加，導致發生了遞延收入以及應收賬款。

????對些原本可能會被IPO投資者視為一種危險信號，因為它意味著一家公司急需現金卻可能沒有明確的盈利方案。然而，由于這兩家公司都屬于云計算行業，這一點就已足以為它們贏得額外的加分了。

????而投資者確實也有理由樂觀。隨著云計算公司擴張規模以招攬更多客戶，其硬件成本并不會以同樣的速速快速增長。但是依然存在不少風險：任何高科技領域都必然會吸引大批新競爭者，而與那些已經燒錢燒得口袋空空的創業公司相比，很多新進入的公司則是荷包鼓鼓。

????今年早些時候，有兩家為特定行業提供商業軟件的云公司成功進行了IPO。1月末，專為保險公司提供基于網絡軟件的Guidewire 軟件公司（Guidewire Software）上市募得了1.16億美元，發行價為每股13美元。其股票交易首日就上漲32%，現在則比發行價高出81%。2月初，專門幫助外科醫生管理病人數據的Greenway醫療科技公司（Greenway Medical Technologies）以每股10美元的價格上市，募得6,700萬美元。這支股票也在發行首日以30%的漲幅報收，現在則比發行價上漲了45%。

????Facebook may be grabbing the lion's share of IPO news coverage these days as the social network prepares to raise $5 billion from the public markets. But even as Facebook's planned IPO seems to be drawing some critical scrutiny, several smaller IPOs that went public under the banner of cloud computing are faring much better.

????The latest example is Bazaarvoice (BV), which sold 9.5 million shares at $12 a share, above the initial range of $8 to $10 a share. Last Friday, on its first day of trading, Bazaarvoice closed up 38% at $16.51. The Austin, Tex., company monitors how company products and services are discussed on social networks and review sites. In some ways, Bazaarvoice is a test for bigger-name IPOs coming up -- Facebook as well as review site Yelp notably -- but since it hosts much of its word-of-mouth management software online, it's also grouped together with other recent cloud-computing IPOs.

????A week earlier Brightcove (BCOV) went public, rising 30% on its first day of trading. Brightcove, which offers a cloud-based platform where its customers can publish online videos, has held steady since then, closing last week at $15.10, or 37% above its offering price. The firm's services are used by companies ranging from General Motors (GM) to Electronic Arts (ERTS).

????There are some reasons for those warm welcomes. Both Bazaarvoice and Brightcove are experiencing the kind of healthy growth that investors like to see in newly listed companies. Bazaarvoice saw revenue rise 67% in its fiscal 2011 and 65% during the nine months through January 2012. Brightcove's 2010 revenue grew 21% and the pace picked up last year, rising 45%.

????Both also have metrics that -- during recent, finickier IPO markets – have caused some IPOs to falter or not even get out the gate. Both posted net losses during their past two fiscal years, thanks largely to operating expenses that ate up most of revenue. And both saw negative cash flows during the same periods.

????Neither Bazaarvoice nor Brigthcove is generating enough money yet to finance its own operations. Bazaarvoice says the upfront costs of acquiring new clients, coupled with the recording of revenue over an extended period, caused the negative cash flow. Brightcove also cites deferred revenue as well as accounts receivable because of an increase in new customers.

????That can be seen as a red flag for IPO investors, since it can signal a company that's desperate for cash but that may not have a plan to become profitable. In these cases, being involved in the cloud industry is enough to give them a mulligan.

????And there is some reason for investors to be optimistic. As cloud-computing companies scale up to take on more customers, their infrastructure costs don't rise as quickly. But there are also plenty of risks: any hot tech sector is bound to lure in new competitors, many of them with deeper pockets than startups that have been burning through cash.

????Earlier this year, two other cloud companies enjoyed successful IPOs, each offering business software for specific industries. In late January, Guidewire Software (GWRE), which offers web-based software for insurers, raised $116 million in an offering that listed its shares at $13 a share. The stock, which rose 32% on its first day of trading, is now 81% higher than its offering price. In early February, Greenway Medical Technologies (GWAY), which helps physicians manage patient data, went public at $10 a share, raising $67 million. The stock also closed 30% up on its first day, and is now 45% above its offering price.