It’s hard to imagine a better year for U.S. initial public offerings than 2014. In the third quarter, IPOs generated $37 billion, more than any period since the fourth quarter of 1999.

Most of that capital went to China’s e-commerce giant Alibaba (NYSE: BABA), the record-breaking $22 billion debut of which was larger than all other offerings in the quarter combined, points out Renaissance Capital.

As of late November, public debuts in 2014 averaged a first-day pop of 13 percent, according to the research house. The packed pipeline promised a robust December.

But it seems unlikely the party will roar on in the new year, given how sensitive and fickle the IPO market is.

See the next trend in our special report: E-Commerce Will Keep Attracting Investors

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