Tech deals lead IPO recovery

Bard said that as the market for tech IPOs improves there may be a shift from large, well-established private equity-backed companies to smaller, venture-backed IPOs. The smaller deals will be riskier but could have more growth potential.

"At first we saw the higher quality companies go public," said Bard. "As the window continues to open you may start to motivate younger companies and ones that are not as established," he said.

(Reporting by Clare Baldwin; Editing Bernard Orr)