2. Proportion of IPOs by sectors
The composition of IPOs by sectors is also quite different, notably the dot com boom was primarily technology companies.  The 2014-15 period saw a surge in Biotech IPOs (which understandably often go to market with little in the way of earnings as the capital raise is often an essential step for the company to commercialize and further R&D).  But it does show just how frothy the Biotech sector got – not quite dot-com territory, but many parallels.

Bottom Line:The surge in unprofitable IPOs came on lower volumes, but was driven primarily by the Biotech sector – highlighting the frothiness that had characterized that sector.