Investors bet on growth in the IPOs of a Chinese hotel chain and an online education company on Friday, but were less enthusiastic about a spin-off of mining giant Rio Tinto.

Rio Tinto's U.S. coal-mining spin-off, Cloud Peak Energy Inc edged down in its debut on the New York Stock Exchange after its initial public offering fell short of expectations on concerns the money raised was going to the Anglo-Australian parent company rather than for its own growth.

By contrast, the shares of both Chinese economy hotel chain 7 Days Group Holdings Ltd and online education company Archipelago Learning rose as much as 15 percent.

The shares in Global Defense Technology & Systems Inc , which drew 74 percent of its 2008 revenue from contracts with the U.S. government, were nearly flat on Nasdaq.

Analysts said the company could suffer if the government cuts defense budgets.

Cloud Peak stock closed down 1.1 percent on Friday, but investors lapped up the shares of 7 Days and Archipelago Learning, with 7 Days closing up 13.6 percent and Archipelago Learning ending the day 13.8 percent higher.

Historically, IPOs have risen about 10 percent to 12 percent in their debuts, according to Thomson Reuters data.

IPO investors are used to having growth, said Matt Therian, an analyst with Connecticut-based investment firm Renaissance Capital.

Cloud Peak is really tied up in coal prices. It's kind of a murkier growth outlook for this company.

Gillette, Wyoming-based Cloud Peak raised about $459 million in its IPO on Thursday, but it priced at $15, below its expected range of $16 to $18.

Cloud Peak shares opened at $14.50 on the NYSE, more than 3 percent below the IPO price and fell as much as 6.7 percent before recovering to close down 1.1 percent on Friday.

The Cloud Peak deal was really a divestiture by Rio Tinto. The cash streams in coal are predictable ... It's not a real sexy industry and it depends very much on energy prices, said founder Ben Holmes.

Analysts said 7 Days and Archipelago benefited from strong growth potential.

On 7 Days, Therian said: They've gone from five hotels in 2005 to almost 300 now.

Therian said private equity-backed on-line education company Archipelago Learning has a significant backlog of business.

Archipelago raised about $103.1 million in its IPO.

Earlier this week, fast-growing network security provider Fortinet Inc , whose sales rose 18.8 percent in the first part of the year, had one of the best debuts of the year, with a 33 percent rise.

Cloud Peak is the third-largest U.S. producer of coal and owns surface mines in Wyoming and Montana. Almost all the proceeds from its IPO will go to Rio Tinto , which will retain a 48.3 percent stake, leading to investor push-back, analysts said.

Cloud Peak was the seventh spin-off this year in a total of 46 IPOs. Typically, IPOs by spin-offs are well received as the companies are better known to investors, who believe the new company can tap into the parent's resources, but Cloud Peak is the fifth carve-out in a row to fall below its IPO price.

This week was one of the busiest for U.S.-listed IPOs this year, as companies rushed to get deals over before the Thanksgiving break. There are currently no IPOs scheduled for pricing.

(Reporting by Clare Baldwin and Phil Wahba; editing by Andre Grenon)