Let's just pretend it never happened. Picture: iStock

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 CodeCompanyPrice change since listingPrice Dec 4Issue priceMarket Cap ($M)Listing Date
SGIStealth Global Holdings-0.2250.1550.218.98Oct 2, 2018
TGFTribeca Global Natural Resources Fund0.022.572.5157.5Oct 12, 2018
SMXSecurity Matters0.5250.320.226.69Oct 15, 2018
ID8Identitii-0.09330.720.7540.89Oct 17, 2018
QEMQEM-0.30.140.220Oct 19, 2018
CRNCoronado Global Resources-0.23253.1343866.07Oct 23, 2018
WWGWiseway Group-0.140.430.560.54Oct 31, 2018
MOHMoho Resources-0.350.130.23.45Nov 7, 2018
GSMGolden State Mining-0.1750.1650.27.85Nov 8, 2018
HM1Hearts and Minds Investments0.0322.632.5500Nov 14, 2018
QRIQualitas Real Estate Income Fund0.05621.651.6231.21Nov 27, 2018
NWMNorwest Minerals-0.1250.170.212.58Nov 29, 2018
RDCRedcape Hotel Group-0.07961.041.13623.20Nov 30, 2018
NVUNanoveu-0.50.10.226.51Nov 30, 2018
RVSRevasum -0.0751.852153Dec 4, 2018

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 CodeCompanyPrice change since listingIssue pricePrice Dec 4Market Cap ($m)Listing
14D 1414 Degrees -0.271400000000000030.350.25560.30Sep 12, 2018
AX8 Accelerate Resources -0.450.20.119.52Feb 14, 2018
ARN Aldoro Resources -0.10.20.186.91Sep 13, 2018
AGH Althea Group 0.6250.20.32540.66Sep 21, 2018
AS1 Angel Seafood -0.250.20.1525.12Feb 21, 2018
AR9 Archtis -0.30.20.1424.62Sep 21, 2018
BC8 Black Cat Syndicate -0.2250.20.15511.45Jan 30, 2018
BEM Blackearth Minerals NL-0.5650.20.08712.16Jan 19, 2018
B2Y Bounty Mining -0.4428570.350.165122.50June 19, 2018
CXL Calix 0.45283030.530.7765.03July 20, 2018
CG1 Carbonxt Group -0.3856070.70.3751.52Jan 23, 2018
CPV Clearvue Technologies 0.4250.20.32519May 25, 2018
CR1 Constellation Resources 0.150.20.247July 30, 2018
CM1 Coolgardie Minerals -0.40.20.1220.69Aug 30, 2018
CY5 Cygnus Gold -0.550.20.0912.14Jan 15, 2018
DXN The Data Exchange Network 0.049999990.20.2236.46Apr 11, 2018
DBF Duxton Broadacre Farms 0.051.51.57565.30Feb 8, 2018
EM2 Eagle Mountain Mining 0.20.20.2518.5Mar 16, 2018
EXL Elixinol Global 1.212.15102.92Jan 8, 2018
ED1 Evans Dixon -0.282.51.8535.25May 14, 2018
GAL Galileo Mining -0.150.20.1524.0748May 29, 2018
GCI Gryphon Capital Income Trust-0.01521.985175.3May 25, 2018
HLAHealthia 0.1311.12563.04Sep 11, 2018
JAY Jayride Group 0.010.50.4837.75Jan 29, 2018
JMS Jupiter Mines -0.28750.40.285779.34Apr 18, 2018
KTD Keytone Dairy 1.2250.20.43527July 18, 2018
KWR Kingwest Resources -0.1250.20.15514.03Aug 24, 2018
KRX Koppar Resources -0.10.20.166.35May 30, 2018
LSF L1 Long Short Fund -0.302521.4351329.68Apr 24, 2018
MKG Mako Gold -0.4250.20.12512.65Apr 16, 2018
MAM Microequities Asset Management-0.41250.80.47106.35Apr 30, 2018
NBI NB Global Corporate Income Trust0.0122413.98Sep 26, 2018
NSB NeuroScientific Biopharmaceuticals-0.150.20.1714.72July 27, 2018
NIC Nickel Mines -0.2571430.350.26485.8Aug 20, 2018
PYG PayGroup 0.710.50.85525.84May 29, 2018
POD Podium Minerals -0.6350.20.07318.9Feb 28, 2018
PGX Primero Group -0.01250.40.39557.65July 9, 2018
RFR Rafaella Resources -0.50.20.17.56July 26, 2018
RZI Raiz Invest -0.6833331.80.57119.21June 21, 2018
RCLReadcloud 0.80.20.3616Feb 7, 2018
RMY RMA Global -0.080.250.22592July 5, 2018
STN Saturn Metals 0.150.20.2311Mar 9, 2018
SIS Simble Solutions -0.5250.20.09517.98Feb 22, 2018
SIL Smiles Inclusive -0.6210.38557.93Apr 27, 2018
S66 Star Combo Pharma 0.180.50.5937.75May 16, 2018
SLZ Sultan Resources -0.30.20.146.35Aug 16, 2018
TMR Tempus Resources 0.20.20.247.3Aug 15, 2018
TGO Trimantium GrowthOps -0.110.998.5Mar 16, 2018
VEN Vintage Energy -0.050.20.18553.44Sep 17, 2018
VEA Viva Energy Group -0.212.524861.35July 13, 2018
VN8 Vonex -0.40.20.10529.52Jun 13, 2018
WGBWAM Global -0.05909092.22.09330Jun 22, 2018
WCM WCM Quality Global Growth Fund-0.0554.7544.4909.03.2018
WHK WhiteHawk -0.7293620.20.0513.901/24/2018
WOA Wide Open Agriculture -0.350.20.11514.1207.06.2018