Not too long ago, politicians and industry lobbyists were fretting that the U.S. initial public offering market was being eclipsed by the IPO market in other countries. The decline of the Nasdaq and the rise of AIM in London were often noted. It was often highlighted as part of a bigger point about the decline of the U.S. financial markets in general. Many felt that London had eclipsed New York City as the world's financial center. Regulation--and Sarbanes-Oxley in particular--was often cited as the reason.

Not everyone bought the argument, and now they are girding to prove their point.

The first quarter was a good one for IPOs; public offerings accounted for $12.4 billion in proceeds by one estimate. That's highest amount since 2008. Just as important, the pipelines are chock full. Fifty-two more companies entered pipes in the quarter.

In the aftermarket, shares have held up strong, as IPO stocks rose an average of about 20 percent in their first month.

Venture capital firms and leveraged buyout-oriented private equity firms certainly sense opportunity. Eight deals were set for this week.

Meanwhile, the IPO markets in Europe and Asia have been much more restrained.

For more:
- here's some background from the Financial Times

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