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.

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