FORTUNE — Earlier today I noticed that 140 companies had filed for U.S. IPOs so far in 2014, which equals the number of U.S. IPO filings for all of 2012 (there were 256 last year). But the milestone also seems to have come amid an overall IPO slowdown. Not only for new filings, but also for pricings.
So I decided to map out the year in IPO filings and pricings, on a week-by-week basis. To be clear, this only is about number of offerings, not the amount of capital raised or expected to be raised:
As you can see, activity really has declined over the past few weeks. This may ultimately look like just a bottoming blip, but I’ve also heard arguments that: (a) Post-offering IPO performance has been pretty lousy for months — particularly when compared to opening trade prices — so buyers are no longer treating road shows like rock concerts; and (b) A lot of the “best” private companies funded or taken private between 2007 and 2012 already have gone out, and there is less interest in lower-quality issuers (something that even bankers have begun to acknowledge). Or maybe it’s just all a reflection of market volatility, particularly when it comes to price discovery within the tech sector.
But, no matter what, you aren’t imagining things if the IPO market feels softer right now. The numbers show that it is.
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