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You can find some terrific opportunities in loser IPOs that fizzled on their first day of trading.

Case in point – Gogo, the company that provides WiFi service on many of the major airlines.

"Gogo priced at $17, then the stock opened down a buck at $16, and that's also where it closed on its first day of trading, down 6% from the IPO. If you got in on the deal, you got burned," Cramer said.

But Cramer thinks Street skepticism was largely misguided.

" has a voracious need for capital to keep building out its network, so there were concerns about funding," Cramer explained.

Although the Mad Money host concedes the issue merits attention, he believes the company has wrested the issue under control with an additional credit facility, "so I think it's ," he said.

Meanwhile, pros were so preoccupied with the funding issue, Cramer thinks they completely missed how well poised the company is to profit going forward.

First Cramer said their competitive position couldn't be better.

"Of the ten domestic airlines equipped with WiFi, Gogo serves nine of them, including Delta, U.S. Airways, and American," noted Cramer. "When it comes to commercial in-flight WiFi, Gogo is as close as you can come to a monopoly without attracting the wrath of the Justice Department!"

In addition, the company is somewhat of a gatekeeper, controlling the flow of the technology.

"Gogo owns all of the electromagnetic spectrum that's designated for air-to-ground use in this country—their competitors need to rely exclusively on satellites, which is much more costly," Cramer said.

Beyond that, Gogo has tremendous pricing power.

"Gogo literally has a captive audience," Cramer reminded." When you're stuck in your seat on an airplane, you can't just walk down to the block to nearest the nearest Starbucks for some free wireless access. Therefore the company can charge and get $9.95 for a laptop connection and $4.95 for mobile device connections."

On top of all that, "Gogo has 10-year contracts with the airlines, therefore company has terrific visibility, meaning it can see clearly how much money it will make down the road," Cramer said.

Wait there's more. The stock is inexpensive.

"It's trading at less than 5 times next year's sales estimates, which is not particularly expensive," noted Cramer.

All told, Cramer sees every reason for this stock to rally.

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"In all honesty, I wish I'd found this one sooner," Cramer said. "The IPO may have fizzled, but long-term I think the advance could be explosive."

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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