Bouncing back from an extended drought in the second quarter, the US IPO market had an encouraging third quarter. Almost all IPOs ended up above their offer prices. The average total return was 28%, and the average aftermarket return was 14%, more than double the returns of broader equity indices. Both proceeds and the number of deals were well above the levels in the third quarter of 2011, and the 99 deals year to date are the highest total since 2007. The quarter's top deals were largely high-growth technology and consumer IPOs.

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