(Bloomberg) -- The recovery in the US initial public offerings market is underway, with deal volumes growing year-on-year and sentiment improving. Yet one key element of an enduring upswing is noticeably absent: mid-sized deals. 

Of the 76 US IPOs so far this year, deals raising between $100 million and $500 million accounted for roughly 29% of the overall volume, according to calculations by Bloomberg. That’s significantly lower than the 50% average during the past decade, the data show.

“Usually when things are reopening, you start to see some of the larger private companies test the market first before it migrates down to smaller cap issuers,” said Daniel Polsky, William Blair & Co.’s co-head of syndicate.

Just a dozen offerings of $500 million or more accounted for around 67% of the $16.8 billion raised in US first-time share sales so far this year, data compiled by Bloomberg show. With a pipeline flush with large, attractive candidates following a two-year malaise for the US IPO market, smaller firms may be waiting for the field to clear.

“We haven’t seen such an abundance of best-in class companies for a while,” said Will Braeutigam, US capital markets transactions leader at Deloitte & Touche LLP. 

April solidified the IPO market’s healing process, with $5.7 billion in proceeds marking the largest amount raised since companies raised $7.4 billion in September. 

Large IPOs last month included Viking Holdings Ltd.’s $1.77 billion listing — which was upsized twice during the marketing process — the $946 million offering of UL Solutions Inc. as well as the long-awaited float of cybersecurity software company Rubrik Inc., which raised $865 million. Among 23 deals in April, five IPOs had their size boosted, while three deals priced above their marketed range.

E-commerce software firm Ibotta Inc., for example, which originally sought to raise as much as $473 million, ended up pricing above its marketed range to raise $664 million.

“Ibotta shows that you don’t have to be the biggest name out there,” said Alex Wellins, co-founder and managing partner of The Blueshirt Group, which advised Ibotta on its offering. “Some companies’ boards have taken note of this and are thinking about bringing forward their IPOs.”

IPOs of companies below the $500 million threshold are expected to return if overall sentiment remains positive. Three such significant deals priced last week, led by Chinese EV maker Zeekr Intelligent Technology Holding Ltd.’s $441 million IPO.

Read More: US IPOs to Slow After Five Weeks of $1 Billion-Plus Volume

Small-cap stocks are regaining their footing, according to Bloomberg Intelligence, with the Russell 2000 Index up 18% in the past 12 months. A “test of year-to-date highs could be on tap,” Chief Equity Strategist Gina Martin Adams and Equity Strategist Michael Casper said in a note on May 10. 

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