The IPO market has been on fire this year. And as of right now, the pipeline is chock-full. According to Renaissance Capital, nearly 170 companies are on tap for an IPO, which is said to be the largest backlog since 2000.

The market continues to be dominated by financial sponsor-backed deals. In the first quarter, such deals generated $11.6 billion in proceeds with 24 of the quarter's 32 total IPOs, representing 75 percent of total volume and 94 percent of total value, according to PwC.

Confidence has soared to the point that we're seeing ever bigger financial-sponsor backed deals. In the first quarter, three deals raked in more than $1 billion; all were private equity-backed offerings (HCA Holdings, Kinder Morgan and Nielsen Holdings).

With the overall stock markets still in rally mode, most expect the good times to continue. Private equity backed deals on tap include Dunkin Brands and Toys R Us.

We're certainly seeing more deals for the big-name LBOs that previously had been stuck in the exit lane for many years. Globally, we're seeing a surge in deals as well, as China deals remain hot.

One concern is that the aftermarket hasn't held up all that well. But this is a cyclical game. You have to strike while the iron is hot and then just hang on in the aftermarket. At some point, fundamentals will take over, for better or worse.

For more:
- here's some background on the overall market from the Times

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