2015 is shaping up to be the worst year for IPOs since the Great Recession

For all the talk of a stock bubble, it sure isn’t showing up in IPOs.

According to data from Renaissance Capital, compiled here by Statista, companies have raised less than $30 billion this year through IPOs on U.S. exchanges. That’s the lowest number since 2009, at the end of the Great Recession.

There were a lot of IPOs this year — 168, trailing only last year in the post-Recession era — but they were small raises.

In the tech sector, some of the highest-profile initial public offerings this year have performed poorly — Box, Etsy, and Fitbit are all below their IPO prices, although there are some standouts like GoDaddy. A lot of other companies are staying private for much longer in their life cycles, leading to multibillion valuations on the private markets.

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