There's only so much an investment bank can do to support an IPO stock in the aftermarket.

Back in the dotcom heyday, there were lots of deals that obligated various firms to support the stock in exchange for an allocation. The idea was to get the stock off to a good start and then watch it soar. Those sorts of arrangements are frowned upon these days, but we've still seen some massive first-day gains.

Unfortunately, we're also seeing some of the first-day gains slowly evaporate. Deal Journal notes some examples. Chinese social media site Renren rose nearly 30 percent on the first day of trading but is now more than 60 percent below its IPO price. Internet radio service Pandora trades at just under its IPO price of $16. Groupon remains above its $20 offer price, but it has been giving up its strong first-day gains slowly. LinkedIn trades in the mid- to-high 70s, still above its $45 offer price.

On average, Internet and other IPOs are down 8 percent from their offer prices, says Dealogic. The overall market gyrations, driven in part by macro uncertainties, have certainly not helped. As of now, there's no reason for bankers to start panicking. More net deals are on tap, including Angie's List.  

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