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We're already a few weeks into February, and there hasn't been a single initial public offering in 2016.
Jim Cramer was so disturbed by this fact that he decided to take a closer look at the performance of the companies that went public in 2015 to figure out why others were deterred from going public this year.
"That's right, not one IPO in January. Just a big fat goose egg, making it the first month without a deal since September of 2011," the "Mad Money " host said.
The IPO class of 2015 was left in a complete debacle. Of the 211 stocks that went public last year, only 45 are up from their offering price. Four are unchanged, and the remaining 162 are down from their IPO prices.
In other words, 76.8 percent of stocks that went public in 2015 have lost money, even if investors got in on the initial deal.
So, what the heck went wrong for these companies?
Cramer sifted through the wreckage of the deals to look for a pattern. The biggest losers were small biotech stocks that have gotten even smaller since going public. In fact, they were so small Cramer could not mention them on television.
Read more from Mad Money with Jim Cramer
On the flip side, the best performing IPO in 2015 was Shake Shack, which came public at $21 last January and closed at $33 on Wednesday. However, the stock is still down considerably from its May high of $96.
"If that is the trajectory of one of last year's best performing IPOs, then just imagine how bad the others are," Cramer said. (Tweet This)
To get a sense of what happened with the horrendous deals of 2015, Cramer analyzed the performance of the 10 largest IPOs last year.
The biggest deal of 2015 was First Data, which Cramer warned investors to avoid from the beginning. Sure enough, its tepid revenue growth, lack of earnings and ugly balance sheet have created a stinker of a stock.
There was also a bunch of master limited partnership IPOs. In the Top 10 largest deals, there were MLPs. The entire MLP group has been in a house of pain with no end in sight because they are based on oil-and-gas pipeline companies.
So when Cramer examined the 10 largest IPOs from 2015, nine of them are down since coming public and eight of them are down double digits.
"If you're wondering why companies are reluctant to come public in this environment, just remember the hideous performance of the IPO class of 2015," Cramer said.