Then there are some big names that would sorely love to go, but are looking increasingly improbable for 2015: Albertson's, Neiman Marcus, and even Univision.
So what? This is very bad news for private equity and venture capital that they can't get deals out. I'm not just talking about Albertson's or the other big leveraged buyouts.
I'm talking about all the unicorns — the companies with private valuations above $1 billion — the Ubers, Airbnbs, and all the others.
Read More The IPO market has resumed price-cutting frenzy
Don't kid yourself. Most of them are thinking of going public some time in 2016. The private equity and venture capital (and mutual funds) that own these unicorns need to cash out and will get increasingly antsy as big names before them have trouble getting to market.
And remember, there is unprecedented money in alternative investments. It got there because the public pension plans said that's a good way to get superior returns. They have allocated more money to venture capital than ever before.
There's been one good effect from the poor IPO market. Those that have gone public have dramatically cut prices, and the IPO after-market — how much investors have made since the companies went public — has gotten much better.
There were 16 IPOS in October. On average, they priced 22 percent below the midpoint of the price range — that's a big discount! The total return, how much they are up since they went public, has averaged 4 percent.
The Renaissance Capital IPO ETF, a basket of roughly 60 of the most recent IPOs, was up 7.9 percent in October, not far from the S&P's 8.3 percent return.
Read MoreMarket turmoil taking toll on once-invincible IPO market
Here's what the IPO market has looked like for the last few years (source: Renaissance Capital):
- 2015 YTD: 154 raised $28 billion
- 2014: 275 raised $85.2 billion
- 2013: 222 raised $54.9 billion
- 2012: 128 raised $42.4 billion
The $85.2 billion raised in 2014 was distorted by the $21 billion raised by Alibaba, the biggest IPO in the United States ever. Subtracting that, it's been fairly typical to raise between $42 billion and $60 billion in the IPO market in the last three years.
This year's $28 billion thus far leaves us well short of the average.