We are still a long way from the bubble's peak in 2000, but IPO activity in the first quarter of 2007 doubled to $1.2 billion from the year before (in total proceeds raised from venture-backed startups).
According to Dow Jones VentureOne, tech IPOs accounted for $700 million of that total, including networking startups Switch and Data ($193 million raised), BigBand Networks ($180 million), and Aruba Networks ($88 million). There was even a dotcom in there, Salary.com ($51 million). To find the last time so much IPO money was raised in the first quarter, you'd have to go all the way back to 2000, when $7.6 billion was raised ($4.5 billion from tech IPOs). If you look at all preceding quarters, though, you just have to look at the fourth quarter of 2006, when the total IPO take was about $30 million more.
If this pace continues, 2007 will be a very decent year for IPOs. And an even better one for venture-backed mergers and acquisitions. The first quarter saw $9.4 bllion worth of deals, including Good Technology (bought by Motorola for $500 million) and StubHub (bought by eBay for $307 million). That is also a highmark since 2000.