Horror on Primary Market: Investors Lost Money on 12 of 14 IPOs This Year

The worst offender is Procognia, which has lost 17%. Oil Refineries is next with a loss of 14%

Investors have lost money on twelve of 14 initial public offerings this year. Seven produced double-digit losses for investors.

The worst offender is Procognia, an R&D company, whose shares have lost 17%. Its market capitalization as of Monday's closing was NIS 97.9 million.

Next is Oil Refineries, shares in which have tumbled 14% since it floated on the Tel Aviv Stock Exchange in February. Elutex, a development stage biomedicals company developing stent coatings, has lost 12.4% since it floated on February 12.

Biotechnology company Bioline is down 12% since its IPO and diagnostic devices company Itamar Medical has lost 11%.

The Hanan Mor real estate group, which floated at a market valuation lower than it had hoped, is down 11% too, and medical aesthetics devices maker Applisonix has lost about 10%.

Other losers include logistics company Fridenson (9%), Prashkovsky (7%), Nidar (5%), translations website Babylon (6%), and Clal Finance, which is down 3%.

The underwriting companies of Clal and Poalim IIB have each handled four of the disappointing IPOs. Leader Capital Markets contributed two to the list.

On the other hand, Clal was also responsible for the only two offerings to have delivered gains to investors: nonwoven textiles maker Avgol, which has risen 14%, and Brainsway, which is developing technology for non-invasive treatment of brain disorders is up 5%.