NEW YORK (TheStreet) -- Etsy  (ETSY) - Get Report, the Brooklyn-based online marketplace, debuted on the New York Stock Exchange on Thursday at $31 a share, nearly double its initial public offering price of $16 a share.

The stock reached a peak of $35.74, more than double the IPO price, shortly after it began trading, but quickly sold off down into the $30 range.

The company, which sells handmade goods, has yet to post a profit, but it claims to have more than one million active sellers and 19.8 million active buyers on its site. Etsy also said it has achieved almost $2 billion in gross sales last year with buyers or sellers in nearly every country.

Time will tell how Etsy fares on the market. Will it be a quick flash in the pan that fades away shortly after the initial hype? Or will it have staying power and continue to move higher?

The conditions don't seem too nurturing, as the IPO market slowed significantly in the first quarter of 2015 after a record year in 2014. The 34 IPOs in the first three months of the year raised $5.4 billion, which marks the least active quarter by IPO count since the first quarter 2013 and the smallest by proceeds raised since the third quarter 2011.

The health care sector remained active thanks to biotechs, and the sector accounted for half of all IPOs in the period.

Household names such as Box  (BOX) - Get Report, GoDaddy  (GDDY) - Get Report, and Shake Shack (SHAK) - Get Report went public, but technology, consumer, and energy IPOs dropped below their historical averages. 

With all of this in mind, let's take a look at the top five worst IPO performers in the last 12 months. These are the companies that have generated the lowest return percentages since their debuts.

5) TCP International (TCPI)

Offer Date: 6/25/14
Underwriter: Deutsche Bank
Industry: Consumer
Deal Size: $79 million
Offer Price: $11
First Day Close: $10.43
Closing Price (4/15/15): $3.04
First Day Return: -5.2%
Total Return: 72.4%

4) Viggle (VGGL)

Offer Date: 4/24/14
Underwriter: Ladenburg Thalmann
Industry: Technology
Deal Size: $35 million
Offer Price: $8
First Day Close: $5.75
Closing Price (4/15/15): $2.19
First Day Return: -28.1%
Total Return: -72.6%%

Separately, TheStreet Ratings team rates VIGGLE INC as a Sell with a ratings score of E+. TheStreet Ratings Team has this to say about their recommendation:

"We rate VIGGLE INC (VGGL) a SELL. This is based on a variety of negative investment measures, which should drive this stock to significantly underperform the majority of stocks that we rate. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally high debt management risk, weak operating cash flow and generally disappointing historical performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Internet Software & Services industry. The net income has significantly decreased by 65.8% when compared to the same quarter one year ago, falling from -$13.41 million to -$22.23 million.
  • The debt-to-equity ratio of 1.01 is relatively high when compared with the industry average, suggesting a need for better debt level management. Along with this, the company manages to maintain a quick ratio of 0.16, which clearly demonstrates the inability to cover short-term cash needs.
  • Net operating cash flow has declined marginally to -$9.33 million or 8.19% when compared to the same quarter last year. In addition, when comparing the cash generation rate to the industry average, the firm's growth is significantly lower.
  • VGGL's stock share price has done very poorly compared to where it was a year ago: Despite any rallies, the net result is that it is down by 93.34%, which is also worse that the performance of the S&P 500 Index. Investors have so far failed to pay much attention to the earnings improvements the company has managed to achieve over the last quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Internet Software & Services industry and the overall market, VIGGLE INC's return on equity significantly trails that of both the industry average and the S&P 500.
  • You can view the full analysis from the report here: VGGL Ratings Report

3) Roka Bioscience (ROKA)

Offer Date: 7/16/14
Underwriter: Bank of America/Merrill Lynch
Industry: Health Care
Deal Size: $60 million
Offer Price: $12
First Day Close: $12
Closing Price (4/15/15): $3.22
First Day Return: 0%
Total Return: -73.2%

2) Eclipse Resources (ECR) - Get Report

Offer Date: 6/19/14
Underwriter: Citigroup
Industry: Energy
Deal Size: $818 million
Offer Price: $27
First Day Close: $25.75
Closing Price (4/15/15): $6.17
First Day Return: -4.6%
Total Return: -77.1%

1) MOL Global (MOL)

Offer Date: 10/8/14
Underwriter: Citigroup
Industry: Financial
Deal Size: $169 million
Offer Price: $12.50
First Day Close: $8.14
Closing Price (4/15/15): $2.36
First Day Return: -34.9%
Total Return: -81.1%