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Byline: MARILYN ALVA
While many investors were looking the other way in 2004, the market for initial public offerings sprang back into action.
The number of companies that went public more than tripled from the prior year to 216.
The IPOs returned an average 34% to investors -- far better than the broad market indexes.
"Certainly the return of the IPO market is a surprise to the investing public, which wasn't even sure we had a strong market," said Kathleen Smith, principal with Renaissance Capital.
Renaissance dubbed 2004 the year of the "stealth" IPO market. The reason: Investors were preoccupied with the war in Iraq, pending interest-rate increases and uncertainties about the presidential election.
While they worried and held on to their money, the market took off.