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.
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The worst performing IPO last year that was large enough for Cramer to mention was TerraForm Global — the yieldco spinoff from SunEdison that is down 80 percent from its inception.
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.