To be sure there are some winners: Yodlee, Citizens Financial, Wayfair are all up slightly. Overall, however, the IPO market is clearly in push-back mode. And that is healthy.
There is one winner today in IPO land: HubSpot (HUBS) raised 5 million shares at $22–$25, well above the price talk earlier this week of $19–$21, and even above the most recent price talk of $22–$24. This is cloud-based marketing: the current hot term is "inbound marketing."
Here's the way it works: the old way to do marketing is, say, to run advertising on cable television. The new way of marketing is to write a blog post and drive people to your site, preferably using social media. It's a management problem, requiring some automation software. You have to interact with customers' email, websites, social media.
You want to be able to analyze the data, and be able to answer the question: is it effective if I do this Twitter campaign? Or if I write this blog? That's what HubSpot does.
Their competitor, Marketo was up 77 percent on day one of its IPO on May 6, 2013; up roughly 165 percent since it went public.
CORRECTION: Marketo is a cloud-based marketing company based in San Mateo, California. Its name was misspelled in an earlier version of this article.