"Hello, Want to Buy IPO Shares?" 13 Years Ago I Said No.

"If you look at the volatility of most stocks in the few days / weeks after the IPO, it's a complete gamble. I'd rather be playing poker. Or tossing a coin."

Does anyone have any hard data to back that up? It could be just my impression, but I've been following IPOs closely (and investing in stocks) since 2003, and as far as I can remember, the vast majority of the stocks tend to keep trading higher than the IPO price. Crashes happen, stocks recover, but in the end, generalizing the entire thing and calling it "a gamble" seems very naive to me...

I'd like to see a chart of how IPOs perform in their first year compared to the rest of the market. No luck with Google.