When there is significantly more demand than supply for an IPO it is said to be a hot deal, a hot IPO, or a hot issue. A hot deal is often many times oversubscribed, operating in high-growth areas like tech, consumer and biotech. When the hot money piles in, near-term returns can shoot up 50-100%. If the market expects a hot deal and instead it begins to falter, the fast money will sprint to the exit (e.g. Facebook).
Derogatory term often used to describe short-term investors and frequent traders. Synonymous with fast money.