Whether it's right or wrong, one cold reality of the IPO market is that the so-called "hot deals" get all the attention, while trading debuts of more mundane companies go virtually unnoticed. It sort of reminds me of that old line, "What's a guy gotta do to get drink around here?"

The simple answer, I suppose, is perform well. Make me money and I'm all ears.

To that point, Francis Gaskins, the Editor of IPODesktop.com, says miles away from the dazzling excitement of a deal like Facebook, the real performance can be found in dividend paying IPOs.

"Most of them (the dividend paying IPOs) come out and sort of trade in a range," Gaskins says, before slowly catching on and pulling ahead of the sexier tech or social media stocks, thanks to yields that can top 10%. Add it all up and Gaskins says you have a recipe for total-return domination.

Of the $35 billion worth of deals that were done in 2011, Gaskins says over $9 billion or 26% was for dividend paying companies. That compares to $7 billion or 20% of total IPO's last year for Internet and Technology companies.

One example he points to is Chesapeake Granite Wash Trust (CHKR), a natural gas royalty trust, controlled by Chesapeake Energy (CHK) that issued 20 million units at $19 last November. Since then, the shares have gained nearly 30% and it pays a 9.5% dividend. Gaskins says having a strong corporate partner like Chesapeake is one of the first things to look for when considering a dividend paying IPO.

If you think these kind of income IPOs are few and far between, Gaskins says think again.

CVR Partners (UAN) is another. This seemingly dull as dust fertilizer company went public at $16 a share last April and is trading above $30 today; a tidy 90% gain that makes its 8.5% dividend look like a gratuity.

Before you run to place an order, Gaskins says they don't ALL work and says issues backed by weak partners or being spun-off by private equity firms should probably be avoided. He points to Rentech Nitrogen (RNF), Box Ships (TEU), and Compressco Partners (GSJK) as income examples that fared poorly.

It's all about having a strong corporate partner, according to Gaskins.

Of course, there are risks involved with any investment, but the point of this research is clear: the headlines and hype may be focused on what's "hot", but the performance is often hiding in plain sight.

What do you think? Would you rather swing for the fences and chase a hot IPO or go with the total return route and collect some fat dividends along the way?