New York ? Two companies with quirky names, Ubiquiti Networks and Zeltiq Aesthetics, made their public debuts earlier this month with listings on the Nasdaq Stock Market. Each company’s stock went up modestly on the first day of trading.

Ubiquiti pocketed $106 million for the day, and Zeltiq made $91 million. They were the most successful stock debuts of the past two months. Then again, they were the only stock debuts of the past two months.

The market for initial public offerings, or IPOs, is suffering through a drought of Texas proportions. Companies thinking of going public are deciding it’s just too risky.

The stock market lost nearly 20 percent of its value in a month this past summer. Swings of 200 points for the Dow Jones industrial average continue to be commonplace. Getting the timing wrong for a coming-out party can mean missing out on millions of dollars.

A dried-up IPO market matters because stock debuts aren’t just a chance for tech whizzes to become overnight billionaires and ring the bell at the New York Stock Exchange. Companies use the cash they raise to grow — and that means hiring people.

And at a time when 14 million Americans are looking for work, and the unemployment rate has been stuck near 9 percent for two years, the last thing the economy needs is for one engine of hiring to stall.

There are 215 companies waiting to go public. They’ve filed the necessary paperwork and lined up bankers, and are just holding out for the right time to unleash their stock. The waiting list is the longest since 2001, according to Renaissance Capital, an investment advice firm.

LogMeIn, a Massachusetts software company, went public in July 2009, raised $107 million and harnessed the cash to hire people. Within two years, its work force grew by a third, to 432 people. Without the IPO, the company might have added only 10 percent to its work force, says Jim Kelliher, the chief financial officer.

“It’s cash to expand your business,” he says.