After two robust years for IPOs, 2015 was a disappointment for tech IPOs. In fact, proceeds raised by IPOs across all industries have been estimated to be in the range of $30 billion, which is a six-year low. More alarming was the clear downtrend in offerings in the second half of the year, followed by the extreme stock market volatility that has plagued the first few months of 2016. Several companies have pulled offerings over the past few months, although they have generally indicated that they are delaying their offerings until markets stabilize and not abandoning their going public efforts entirely. It took until February 2 for the first IPO of 2016 (a biotech company) to price.

There have been a wide variety of factors contributing to both the lack of momentum for IPOs in general and the turbulence in the capital markets...