When you look at these results, it doesn't seem too risky to invest in a tech IPO, especially if the company "makes sense" [1]. These companies sound like solid businesses: Atlassian, Shopify, Square, Twilio.

This metric would have probably excluded Facebook, Twitter, Snapchat, and Lyft. I think Uber will also be a gamble. But PagerDuty seems like a solid company that will do well, and a far less risky investment than a social / ridesharing service.

Can anyone point out cases where a "reasonable" [1] company ended up underperforming or crashing a few years after an IPO?

[1] E.g. HN comments are generally positive, instead of "this is ridiculous".