It's been a mixed bag for IPOs this week. But, as for the MercadoLibre (NASDAQ: MELI)'s offering, things were certainly upbeat.

The IPO priced at $18 (at the top of the $16-$18 range) and raised a cool $332.8 million. So far, shares are trading up 38% to $25.

MercadoLibre operates the largest online trading platform in Latin America (which has about 550 million or so people). In fact, the region is experiencing high rates of internet penetration.

MercadoLibre has an assortment of services: product listings, which are based on either a fixed-price or auction-based format; classifieds; and secure payment solutions. There are more than 2,000 product categories, and the sites attract about 2.9 million listings per month.

The top-line growth has been impressive. From 2004 to 2006, revenues surged from $12.7 million to $52.1 million. During this time, operating expenses increased at a slower rate, going from $16 million to $46.7 million. In other words, the company is realizing operating leverage.

There is competition, such as from DeRemate and MasOportunidades.com. There is also pressure from large online communities like Google (NASDAQ: GOOG), Amazon.com (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), and Yahoo (NASDAQ: YHOO).

Also, eBay (NASDAQ: EBAY) owns roughly 19% of MercadoLibre. However, the strategic alliance has expired and eBay is now able to become a competitor as well.

The lead underwriters on the deal include J.P. Morgan Securities Inc. (NYSE: JPM) and Merrill Lynch (NYSE: MER).

You can find the prospectus at the SEC website. Also, if you want to check out more IPO pricings, click here.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Each month, the Forbes International Investment Report includes a Q&A feature with a fund manager or analyst which editor John Christy has chosen for "exceptional insight into global markets and investing."

His latest interview is with Gonzalo Pangaro at T. Rowe Price. Based in London, Pangaro, with 15 years of experience in Latin America, manages $6 billion in Latin American equities, including the T.Rowe Price Latin America Fund (PRLAX). Here are some highlights.

Forbes/Christy: Latin American stocks are having a great year so far. Is it too late to get on board?

Pangaro: "I don't think so. There are still very attractive opportunities in Latin America.The performance has been extremely strong in the past three years, but before then, Latin America traded sideways for 10 years. So we are coming from a very low base, and the macroeconomic improvement in many countries has been significant.

"Back in 1994, at the time of the 'Tequila Crisis', countries had exchange rates that were fixed at artificially high levels, big current account deficits, poor fiscal positions, and very high dollar-denominated external debt. So they were very vulnerable.

"All of that has changed. All the key countries have paid down their dollar debt, inflation is under control, currencies are floating freely, and current accounts are in surplus. So I think the economic situation has improved meaningfully.

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

John Christy, editor of the Forbes International Investment Report, chose Nokia Corp. (NYSE: NOK) as his favorite stock for 2007, which rose 39% as of 6/1/07. Here is his original recommendation for Nokia and his current opinion on the stock.

For his new favorite stock, the advisor looks south of the border, recommending América Móvil (NYSE: AMX). He explains, "Latin America has been one of the hottest regions for global investors in 2007. As of May 25, the Morgan Stanley Capital International Latin America index is up over 17% in U.S. dollar terms.

"But there's still plenty of money to be made south of the border. AMX is the dominant mobile phone service provider in Mexico. The company's reach extends beyond its home market to more than 125 million subscribers throughout Latin America, with operations in more than a dozen countries.

"Revenue topped $21 billion last year, about half of which came from outside Mexico. The company is controlled by Carlos Slim Helú, who overtook Warren Buffett earlier this year as the world's second-richest man.

Each year Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Picks Report.

America Movil (NYSE: AMX) is the top conservative idea for 2007 from Nick Vardy, editor of The Global Bull Market Alert. He notes, "Mexican billionaire Carlos Slim vies with India's Lakshi Mittal as the world's third-wealthiest man, just behind Bill Gates and Warren Buffett.

"Slim made his fortune through his Latin American telecommunications empire that includes American Movil. Spun out from Telefonos de Mexico five years ago, America Movil is Latin America's cell phone goliath with close to 110 million subscribers.

"Holding a 70% share of the Mexican market, its wireless network reaches about two-thirds of Latin America's population, and the firm continues to grow its already expansive footprint.

"Squeezed out of Venezuela by Hugo Chavez's anti-American campaign, U.S. operator Verizon is not only exiting that market, but also selling its assets in Puerto Rico and the Dominican Republic. But Verizon's loss is America Movil's gain.