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The IPO market remains a mess. Even though this was the best year for IPO raises since 2007, almost a third of that money came from the Facebook (NASDAQ:FB) IPO.

The pipeline of upcoming IPOs is also thinning. While 437 companies have filed for an IPO this year, 178 have withdrawn or postponed their planned listings, Dealogic data show.

And here's a notable stat: There are zero IPO offerings on the calendar for at least two weeks, which is significant because December has averaged 13 IPOs over the past three years.

"It's a reflection of the psychology of the market today. It's not strong. It's moderate to weak," said Rob Lutts, chief investment officer at Cabot Money Management, in an interview with Bloomberg.

Other analysts are blaming the looming tax cuts and fiscal cliff negotiations.

"It remains unclear whether lawmakers can hammer out a compromise that would lessen the blow of scheduled tax increases and spending cuts, meaning "the whole IPO market is pretty much being held hostage," said Jonathan Crane, chairman of KeyBanc Capital Markets' equity-underwriting committee, in an interview with the Wall Street Journal. "We don't seem to have any big catalysts" to compel issuers to go to market."

So, with all this doom and gloom, we thought it might be interesting to list the worst performing IPOs of 2012.

Do you own any of these? Is this extreme pessimism justified? Let us know in the comment section below.

1. Envivio, Inc. (NASDAQ:ENVI): Stifel Nicolaus Weisel underwrote the IPO on 4/25/12, with the stock losing 81.89% from its offering price.

2. CafePress Inc (NASDAQ:PRSS): J.P. Morgan underwrote the IPO on 3/29/12, with the stock losing 71.58% from its offering price.

3. Ceres, Inc. (NASDAQ:CERE): Goldman Sachs underwrote the IPO on 2/20/12, with the stock losing 69.23% from its offering price.

4. Enphase Energy, Inc. (NASDAQ:ENPH): Morgan Stanley underwrote the IPO on 3/30/12, with the stock losing 52.0% from its offering price.

5. Audience (NASDAQ:ADNC): J.P. Morgan underwrote the IPO on 5/10/12, with the stock losing 50.0% from its offering price.

6. Midstates Petroleum Company, Inc. (NYSE:MPO): Goldman Sachs underwrote the IPO on 4/20/12, with the stock losing 44.31% from its offering price.

8. Roundy's Parent Company, Inc. (NYSE:RNDY): Credit Suisse underwrote the IPO on 2/8/12, with the stock losing 41.76% from its offering price.

9. Renewable Energy Group, Inc. (NASDAQ:REGI): UBS Investment Bank underwrote the IPO on 1/19/12, with the stock losing 38.20% from its offering price.

10. Verastem, Inc. (NASDAQ:VSTM): UBS Investment Bank underwrote the IPO on 1/27/12, with the stock losing 33.70% from its offering price.

11. PetroLogistics LP (NYSE:PDH): Morgan Stanley underwrote the IPO on 5/4/12, with the stock losing 31.41% from its offering price.

12. Matador Resources Company (NYSE:MTDR): RBC Capital Markets underwrote the IPO on 2/2/12, with the stock losing 30.0% from its offering price.

13. Facebook, Inc.: Morgan Stanley underwrote the IPO on 5/18/12, with the stock losing 27.74% from its offering price.

14. Caesars Entertainment Corporation (NASDAQ:CZR): Credit Suisse underwrote the IPO on 2/8/12, with the stock losing 26.56% from its offering price.

15. M/A-COM Technology Solutions Holdings, Inc. (NASDAQ:MTSI): Barclays Capital underwrote the IPO on 3/15/12, with the stock losing 26.32% from its offering price.

16. GSE Holding, Inc. (NYSE:GSE): Oppenheimer & Co underwrote the IPO on 2/10/12, with the stock losing 23.56% from its offering price.

17. Whiting USA Trust II (NYSE:WHZ): Raymond James underwrote the IPO on 3/23/12, with the stock losing 22.25% from its offering price.

18. Bazaarvoice, Inc. (NASDAQ:BV): Morgan Stanley underwrote the IPO on 2/24/12, with the stock losing 21.17% from its offering price.

19. Amira Nature Foods Ltd. (NYSE:ANFI): UBS Investment Bank underwrote the IPO on 10/10/12, with the stock losing 20.60% from its offering price.

20. Edgen Group Inc. (NYSE:EDG): Jefferies underwrote the IPO on 4/27/12, with the stock losing 20.44% from its offering price.

Source: The Worst Performing IPOs Of 2012