IPOs set record, but market is more selective.

Underwriters and venture capitalists aren't singing the IPO blues anymore.

Recently the initial public offering market broke 1999's record, with $68.7 billion raised by new stock issues and more than 20 U.S. companies looking to garner $1.1 billion each.

But Nasdaq's plummet last April has changed one thing, according to industry observers: The IPO rosters are more diversified when it comes to industries and where companies are based.

Put another way, the words "Silicon Valley" and "technology" on your business card don't automatically ensure a successful IPO.

While there were still dozens of companies going public in sectors such as business-to-business software, …