While 2010 represented a modest improvement for mergers and acquisitions, the market for initial public offerings surged back to life, as domestic IPO activity eclipsed the previous two years, according to a report from PricewaterhouseCoopers.

Year to date, issuers completed 154 IPOs in the U.S., raising a total of $37.5 billion. The number of floatations more than doubled the 69 offerings last year, while the value was a 49% increase. The robust fourth quarter represented the highest amount of deal volume since 2007.

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