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The brief resurgence of the market for initial public offerings is winding down and choppy waters lie ahead for companies planning to go public, analysts say.

Still, the looming uncertainty will not necessarily tarnish good companies. Ingram Micro's $300 million IPO is expected to be a standout this week.

The Santa Ana, Calif., wholesale distributor of microcomputer products had 1995 sales of $8.6 billion. Ingram Micro operates a large telemarketing center in Amherst and is moving forward with plans for a large expansion that will add another 1,200 jobs.

However, the sheer number of new stock deals in the offing has encouraged buyers to be selective.

"The pipeline is pretty jammed," said David Menlow, president of the IPO Financial Network. He said about 454 equity offerings (including IPOs and secondary) were in registration, within a whisper of the all-time record of 468.

After Wired Ventures pulled the plug on its high-profile IPO last week, investors are likely to be even more skittish, analysts said.

Wired blamed poor market conditions, "particularly as they pertain to Internet-related companies."

IPOs performed well over the past few weeks, analysts say, because they were given lower valuations during the downturn. Smelling bargains, institutional investors went on a shopping spree.

But deals coming to market don't have such reasonable price tags, causing large funds to turn up their noses.

"It's turned from a seller's market to a buyer's market," Menlow said.

In addition to Ingram Micro, other deals that could prosper this week include Advanced Radio Telecom Inc., Aurum Software Inc., CII Technologies Inc., Depuy Inc., Integrated Medical Resources Inc., National-Oilwell Inc., O'Gara Inc., Triangle Pharmaceutical Inc., Voxware Inc., Delta Financial, and Donnelley Enterprises Solutions Inc., according to Vince Slavin, who tracks IPOs for Cantor Fitzgerald.

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