Fortune magazine has published a list of its hot IPO tips for 2008. Three out of the five - MySQL, Ingres and SugarCRM - are open source companies, while another - Parallels - is an open source project sponsor (for the record, the other Fortune tip is ExactTarget). Here’s a look at Fortune’s assessment of the four open source-related vendors, together with a quick 451 CAOS Theory view, and a terrible pun.

MySQL

Fortune says: “One of the most anticipated tech IPOs of the coming year, MySQL is the leading open-source database company on the planet. Its software might not have the bells and whistles of Oracle 11, but it also comes at a much cheaper price. According to the venture capitalist lunch chatter, MySQL is expected to file very soon.”

CAOS Theory says: MySQL has been talking up its IPO credentials for some time, and a 2008 offering was always more likely than 2007. The plan has not changed as far as The 451 Group is aware. What has changed is that the company has stopped being so open about its financial performance.

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