The global IPO market produced 338 offerings in 2011, down 29% from 2010. Against the dismal backdrop of the downward spiraling euro-zone, a moribund US economy and heightened market volatility, however, the 2011 results are remarkable. In the US, 24 Internet companies went public, the most to do so in over a decade, including three of the top five most highly anticipated Internet 2.0 names. The three largest private equity-backed deals in US history raised $8.3 billion. World-recognized luxury brands such as Prada, Ferragamo and Michael Kors completed IPOs. Had it not been for the Greek solvency crisis, which erupted in mid-summer, the US IPO market certainly and the global IPO market possibly would have continued the recovery that began in late 2009. Instead, as Angela, Nicolas and a changing cast of Italian, Greek and IMF leaders dithered, postured, and failed to reach resolution, the global IPO market collapsed in August, resulting in the worst IPO returns since 2008.