IPOs Take a Break After a Big Year –

The venture-backed IPO market slowed a bit in November, but that may simply be because so many VC-backed companies have gone public this year. Five venture-backed companies went public in the 11th month of 2004, raising $410 million. In contrast, eight venture-backed companies went public in November 2003, raising an aggregate $531 million.

The average issue size of the deals so far this year is $110 million, a $38 million increase from the $72 million average for the same period last year.

For the full year, 85 VC-backed raised $9.4 billion through IPOs, far outstripping the results of 2003 and 2002 combined. Those two years produced a total of 53 venture-backed new issues that raised a combined $4.49 billion. And who knows what Santa had in store for December?