Let's look at the historical data of the performance of investments in the BSE-IPO index over the last six years.
Going by the data, if one had invested Rs. 100 in BSE IPO index in September 2010, it would now be worth Rs. 134 (CAGR of 6%). This means even over the long term period of 5 years, the investors could not make money.
On the other hand, an investment of Rs 100 in the index at the depth of the crisis in September 2013 would have fetched you Rs. 240 by now (CAGR of 55%)!
Therefore while there is no guarantee of every IPO making money even over the long term, the best businesses bought at reasonable valuations certainly do.
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