I have a couple of thoughts on this analysis. First, it appears that the data includes all IPOs on US exchanges, including foreign issuers. In my experience, foreign issuers can sometimes have greater stock price volatility as their financial and operating data is often more opaque than US issuers. In addition, the technology-sector IPOs don't include Zillow, which is one of the better performing IPOs of the year. Zillow is included in the Real Estate section. However, in my view, Zillow is more of a technology company than a real estate company. Finally, the worst performing tech IPO is Friend Finder Network, which is the parent company for Penthouse magazine and a number of adult-themed websites. Friend Finder Network has been trying to go public for several years, has significant debt, and has received lots of negative press. In my view, Friend Finder Network is not really a technology company and it doesn't surprise me that its stock hasn't performed well since its IPO.
While technology IPOs are certainly risky, it would be interesting to see the data reworked to exclude the foreign issuers, include Zillow, and exclude Friend Finder Network. The results might be very different.