Investors in initial public offerings (IPOs) made in 2004 and 2005 are still earning positive returns of 67 percent and 14 percent, respectively, on mark-to-market (MTM) basis, says a study prepared by India's fourth largest share brokerage firm, the Delhi-based SMC Group. The study is titled "Reminiscences of IPOs from 2004 to 2008 YTD - Is Anybody Making Money?"