Note: This chart contains only 36 names, as we removed any without three years of data (e.g., 2021 IPOs), as well as any direct listings. % of outperformance vs. IGV since IPO.

While the energy industry comprises 16% of 2014's IPO, the average return among those companies is just 11.8%. The biggest returns have come from the tech industry.

US IPO volume biggest since 2000 Alibaba’s IPO, which twenty banks and brokerages advised on, leaves 2014 on track to the biggest year for IPOs in the US since the dotcom bubble (see fifth chart).

That total would outpace the largest U.S. IPO to date, Visa Inc. (NYSE: V), which raised $19.65 billion when it hit the market on March 13, 2008.