David Kostin on IPO performance over the past 25 years

Most IPOs underperform, but some new offerings outperform dramatically.  [A]n investor that purchased $100 of every US IPO completed during the past 25 years would have generated a 0.6 percentage point annualized excess return versus the Russell 3000 index. In contrast, the typical IPO completed during the same period has lagged the market during the first 12, 24, and 36 months as a public company.

~ David Kostin, Goldman Sachs analyst, "Investors beware: The typical IPO stock is a dud, says Goldman Sachs" MarketWatch.com, September 5, 2019