The ASX has had a difficult two months and newly listed companies have not escaped it.

There have been 15 IPOs since the start of October and only four of these have gained ground since listing.

Of these, three are in the funds industry — Tribeca Global Natural Resources Fund (ASX:TGF), Hearts and Minds Investments (ASX:HM1) and Qualitas Real Estate Income Fund (ASX:QRI).

The standout performer is technology company Security Matters (ASX:SMX).

It is one of only 12 companies in Intel’s Ingenuity Partner Program, which will allow it to safeguard and enhance its products through direct collaboration with Excel.

The remaining companies have generated modest returns.

Resource fund manager Tribeca has around $1 billion of investments in mining companies.

Although only 30 per cent of these are small caps and only 7.5 per cent are ASX-listed, it would seem these traits (especially the former) are a positive for investors rather than a negative.

The biggest loser is Perth-based tech company Nanoveu (ASX:NVU)

Having raised $6m, its shares now stand at half its IPO price.

The company produces and sells screen protectors and in spite of shipping beginning in the US and the UK, investors have still dumped the stock.

Nanoveu has not yet reported expected sales, promising them in its first quarterly .

Another prominent loser is gold, nickel and copper explorer Moho Resources (ASX:MOH).

Since its debut, the company has fallen 35 per cent to 13c.

As with most small cap mining companies, it listed before commencing exploration and Moho will be delayed by the wet season until April 2019.

Here’s a list of 15 IPOs this quarter showing how they’ve performed since their debut:

ASX Code Company Price change since listing Price Dec 4 Issue price Market Cap ($M) Listing Date
SGI Stealth Global Holdings -0.225 0.155 0.2 18.98 Oct 2, 2018
TGF Tribeca Global Natural Resources Fund 0.02 2.57 2.5 157.5 Oct 12, 2018
SMX Security Matters 0.525 0.32 0.2 26.69 Oct 15, 2018
ID8 Identitii -0.0933 0.72 0.75 40.89 Oct 17, 2018
QEM QEM -0.3 0.14 0.2 20 Oct 19, 2018
CRN Coronado Global Resources -0.2325 3.13 4 3866.07 Oct 23, 2018
WWG Wiseway Group -0.14 0.43 0.5 60.54 Oct 31, 2018
MOH Moho Resources -0.35 0.13 0.2 3.45 Nov 7, 2018
GSM Golden State Mining -0.175 0.165 0.2 7.85 Nov 8, 2018
HM1 Hearts and Minds Investments 0.032 2.63 2.5 500 Nov 14, 2018
QRI Qualitas Real Estate Income Fund 0.0562 1.65 1.6 231.21 Nov 27, 2018
NWM Norwest Minerals -0.125 0.17 0.2 12.58 Nov 29, 2018
RDC Redcape Hotel Group -0.0796 1.04 1.13 623.20 Nov 30, 2018
NVU Nanoveu -0.5 0.1 0.2 26.51 Nov 30, 2018
RVS Revasum -0.075 1.85 2 153 Dec 4, 2018
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The picture is comparatively rosier for companies that listed in the first three quarters of this year, but not overall. Of 55 IPOs, 17 have gained since listing.

Overall, Keytone Dairy (ASX:KTD) has gained the most this year, listing at 20c and now sitting at 43.5c. It climbed as high as 78c in September.

The Kiwi dairy manufacturer and export company is using the majority of its IPO funds to build a second factory which will more than triple its capacity.

The biggest loser, meanwhile, was WhiteHawk (ASX:WHK).

The cyber security exchange firm is just over a quarter of its IPO price, at 5.5c.

Despite some client wins, most pertinently the US Department of Defence and Department of Homeland Security, it is only anticipating “an additional four sales” in the first quarter of 2019 — evidently too slow for some impatient investors.

Here’s a list of 56 IPOs in the first three quarters of this year showing how they’ve performed since their debut:

ASX Code Company Price change since listing Issue price Price Dec 4 Market Cap ($m) Listing
14D 1414 Degrees -0.27140000000000003 0.35 0.255 60.30 Sep 12, 2018
AX8 Accelerate Resources -0.45 0.2 0.11 9.52 Feb 14, 2018
ARN Aldoro Resources -0.1 0.2 0.18 6.91 Sep 13, 2018
AGH Althea Group 0.625 0.2 0.325 40.66 Sep 21, 2018
AS1 Angel Seafood -0.25 0.2 0.15 25.12 Feb 21, 2018
AR9 Archtis -0.3 0.2 0.14 24.62 Sep 21, 2018
BC8 Black Cat Syndicate -0.225 0.2 0.155 11.45 Jan 30, 2018
BEM Blackearth Minerals NL -0.565 0.2 0.087 12.16 Jan 19, 2018
B2Y Bounty Mining -0.442857 0.35 0.165 122.50 June 19, 2018
CXL Calix 0.4528303 0.53 0.77 65.03 July 20, 2018
CG1 Carbonxt Group -0.385607 0.7 0.37 51.52 Jan 23, 2018
CPV Clearvue Technologies 0.425 0.2 0.325 19 May 25, 2018
CR1 Constellation Resources 0.15 0.2 0.24 7 July 30, 2018
CM1 Coolgardie Minerals -0.4 0.2 0.12 20.69 Aug 30, 2018
CY5 Cygnus Gold -0.55 0.2 0.09 12.14 Jan 15, 2018
DXN The Data Exchange Network 0.04999999 0.2 0.22 36.46 Apr 11, 2018
DBF Duxton Broadacre Farms 0.05 1.5 1.575 65.30 Feb 8, 2018
EM2 Eagle Mountain Mining 0.2 0.2 0.25 18.5 Mar 16, 2018
EXL Elixinol Global 1.2 1 2.15 102.92 Jan 8, 2018
ED1 Evans Dixon -0.28 2.5 1.8 535.25 May 14, 2018
GAL Galileo Mining -0.15 0.2 0.15 24.0748 May 29, 2018
GCI Gryphon Capital Income Trust -0.015 2 1.985 175.3 May 25, 2018
HLA Healthia 0.13 1 1.125 63.04 Sep 11, 2018
JAY Jayride Group 0.01 0.5 0.48 37.75 Jan 29, 2018
JMS Jupiter Mines -0.2875 0.4 0.285 779.34 Apr 18, 2018
KTD Keytone Dairy 1.225 0.2 0.435 27 July 18, 2018
KWR Kingwest Resources -0.125 0.2 0.155 14.03 Aug 24, 2018
KRX Koppar Resources -0.1 0.2 0.16 6.35 May 30, 2018
LSF L1 Long Short Fund -0.3025 2 1.435 1329.68 Apr 24, 2018
MKG Mako Gold -0.425 0.2 0.125 12.65 Apr 16, 2018
MAM Microequities Asset Management -0.4125 0.8 0.47 106.35 Apr 30, 2018
NBI NB Global Corporate Income Trust 0.01 2 2 413.98 Sep 26, 2018
NSB NeuroScientific Biopharmaceuticals -0.15 0.2 0.17 14.72 July 27, 2018
NIC Nickel Mines -0.257143 0.35 0.26 485.8 Aug 20, 2018
PYG PayGroup 0.71 0.5 0.855 25.84 May 29, 2018
POD Podium Minerals -0.635 0.2 0.073 18.9 Feb 28, 2018
PGX Primero Group -0.0125 0.4 0.395 57.65 July 9, 2018
RFR Rafaella Resources -0.5 0.2 0.1 7.56 July 26, 2018
RZI Raiz Invest -0.683333 1.8 0.57 119.21 June 21, 2018
RCL Readcloud 0.8 0.2 0.36 16 Feb 7, 2018
RMY RMA Global -0.08 0.25 0.225 92 July 5, 2018
STN Saturn Metals 0.15 0.2 0.23 11 Mar 9, 2018
SIS Simble Solutions -0.525 0.2 0.095 17.98 Feb 22, 2018
SIL Smiles Inclusive -0.62 1 0.385 57.93 Apr 27, 2018
S66 Star Combo Pharma 0.18 0.5 0.59 37.75 May 16, 2018
SLZ Sultan Resources -0.3 0.2 0.14 6.35 Aug 16, 2018
TMR Tempus Resources 0.2 0.2 0.24 7.3 Aug 15, 2018
TGO Trimantium GrowthOps -0.1 1 0.9 98.5 Mar 16, 2018
VEN Vintage Energy -0.05 0.2 0.185 53.44 Sep 17, 2018
VEA Viva Energy Group -0.21 2.5 2 4861.35 July 13, 2018
VN8 Vonex -0.4 0.2 0.105 29.52 Jun 13, 2018
WGB WAM Global -0.0590909 2.2 2.09 330 Jun 22, 2018
WCM WCM Quality Global Growth Fund -0.05 5 4.75 44.49 09.03.2018
WHK WhiteHawk -0.729362 0.2 0.05 13.9 01/24/2018
WOA Wide Open Agriculture -0.35 0.2 0.115 14.12 07.06.2018
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