The number of initial public offerings rebounded to 27 in the first quarter, up sharply from just two deals in the year-ago period, according to new study.
The deals in the latest quarter raised $4.1 billion, according to auditing firm PricewaterhouseCoopers, compared with just $700 million during the same period last year.
The past two years have been slow, with investors spooked by the volatile stock market. There were only 126 IPOs in all of 2008 and 2009, compared with nearly 300 in 2007 according to PricewaterhouseCoopers.
Since the first quarter is traditionally a slow period for coming out parties, the strong start could mean an active 2010, according to PricewaterhouseCoopers.
''While some issuers have experienced challenges around pricing and readiness, reasonably priced deals from issuers who prepare diligently have been successful,'' PricewaterhouseCoopers said Wednesday.
IPOs this year by sector have been varied. Financial services accounted for seven deals that raised $1.2 billion and industrial products had four deals that raised $943 million. Technology and health care also had four deals each, raising about $400 million and $323 million, respectively.
The New York Stock Exchange accounted for 16 deals that raised $3 billion, while the Nasdaq accounted for 11 deals that raised $1.1 billion.
Financial sponsors, led by private equity firms, are driving much of the growth, according to the study.
Non-US issuers completed eight IPOs raising $1.3 billion in the first quarter; China topped this list with five IPOs.
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