The number of Initial Public Offerings(IPOs) has fallen in half since the peak years of 1981-2000, when there were an average of 621 IPOs a year. During 2001-2010, the average fell to 307 IPOs annually. Some people have referred to the period of the 1980s and 1990s as "the IPO Boom", and the period after a 2000 as the "dot-com bust", but we feel this is overly simplistic. On closer analysis, we see that the number of large IPOs has in fact remained fairly steady; but the number of small deals that has decreased by 78%. Defining IPOs with over $50 million of proceeds as "large" and those under $50 million as "small", the number of large IPOs has stayed about the same (an average of 170 in 1981-2000 versus 208 in 2001-2010), while the number of smaller offerings declined substantially (452 in 1981-2000 versus 99 in 2001-2010).