Steve Schwarzman’s Blackstone (BX) may have been the black sheep of the IPO market this year. Despite that notable disappointment, initial public offerings are back on track. They’ve returned an average 13% over the last 6 months, according to Renaissance Capital. And we’re on pace to have the busiest year since the crazy days of 2000. What's the trade as IPO's sizzle?

Jeff Macke explains that an IPO can be an emotional buy. He says play IPO’s with companies you can understand and buy what the smart guys are buying.

Eric Bolling explains that private equity can buy a piece of a company and then IPO it.

Guy Adami recommends buying EMC Corp. (EMC) because of the VMware IPO that he says is coming.

Dyaln Ratigan adds that you can go to the website of the big private equity firms, find out what they’re buying and make decisions from there.

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Trader disclosure: On July 2nd 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders
Macke Owns (DIS), Najarian Owns (CBH), (IMMR), (ZQK), (NOK); Bolling Owns (DIS), (T), Natural Gas, Corn; Vivendi Owns 20% Of NBC Universal, The Parent Company Of CNBC; CNBC Is A Service Of NBC Universal And Dow Jones