Initial public offerings in the United States are at a near standstill as investors feeling burned by the economic downturn hesitate to buy into unproven companies. That leaves NYSE Euronext Inc. and Nasdaq OM-- Group Inc. searching for new ways to coax companies back into the water.

So far, their hopes rest on building IPO interest from overseas companies, technology companies in general and so-called clean technology companies in particular.

“I don’t expect there to be a silver bullet for a while, but clean tech and tech that enhances productivity will do well,” said Robin Weiss, the NYSE Euronext executive responsible for recruiting IPOs.

Nasdaq has about 12 Chinese companies in its pipeline, while the NYSE expects China Distance Education Holdings Ltd., which provides online education and test preparation courses, to price in late July. Two other Chinese IPOs are expected to price on the NYSE soon after, a market source told Reuters.

Those companies and others specializing in renewable energy are better bets for performing well if only because the outlook for more traditional players is looking so dim.

“Financials will have a tougher time, as will lesser known consumer brands,” said Robert McCooey, senior vice president of capital markets and new listings at Nasdaq OM--.

Solar power company GT Solar International Inc’s IPO is scheduled for late July on Nasdaq and is set to raise US$500 million, according to Dealogic, a financial data firm.

The pipeline also is filling up with technology companies, which might be looking more stable, on a relative basis, than they used to, said Scott Cutler, a Palo Alto-based senior vice president at NYSE who heads corporate listings.

Three companies expected to go public later this year on the NYSE include server hosting company Rackspace, earth imaging firm DigitalGlobe and SolarWinds, a network management software provider.

Even a modest boost would beat the doldrums in the IPO market now. Only 25 IPO’s have come to market so far this year, down from 107 in the same period a year ago, and 50 deals have been canceled, twice the tally this time last year.

Thirty-five IPOs bound for Nasdaq were canceled this year, representing US$3.7 billion, according to ThomsonReuters data. Eleven deals went through, pricing for a total of roughly US$893 million.

The NYSE has seen 12 deals pulled, representing about US$4 billion. Twelve, representing about US$24 billion, have gone ahead, although most of that was because of the US$19 billion Visa Inc. IPO in March.

Part of Nasdaq’s challenge has been the size of most of its proposed offerings, typically below US$100 million. Most of the offerings that were canceled were slightly larger, although they still fell below US$200 million.

The Nasdaq has lured some large corporations away from the NYSE, including exchanges operator CME Group Inc. and software giant CA Inc., but its plan to recast itself as a market for companies as big as the NYSE’s blue chips is still unfulfilled.

“It shows that I haven’t fully accomplished what I’ve set out to do here at Nasdaq,” said McCooey of his efforts to sell the Nasdaq as a market for large IPOs, too.

Nasdaq’s biggest deals this year have been the US$200 million IPO for real estate investment trust American Capital Agency Corp. and the US$189 million deal for RHI Entertainment Inc., a producer of made-for-television movies.

In the current climate, more mature companies may have a better chance at pulling off a successful IPO because their longer record of performance makes them look like a more stable haven during an economic dip, said Scott Sweet, an analyst with IPO Boutique.

Both exchanges are keeping their fingers crossed that the market will pick up in the fourth quarter.

“Everyone just has to ride it out,” McCooey added.