IPO momentum should continue into next year after an active 2014 when large offerings hit like "mammoths from the sky," an analyst said on Tuesday.
Biotechnology and consumer discretionary IPOs, which enjoyed a strong 2014, should lead growth into the new year, said Richard Peterson, senior director at S&P Capital IQ.
"The big deals, or the quantity of deals, are coming from biotech," Peterson said on CNBC's "Squawk Alley."
More companies went public in the United States this year than in any year since 2000. Alibaba's roughly $22 billion IPO became the largest ever, accounting for about one-quarter of total proceeds in the U.S., CNBC reported this month.
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Other than the biotechnology sector, consumer discretionary IPOs helped lead a strong 2014. The average consumer discretionary offering gained about 13 percent after its first day of trading, Peterson said.
He added that Alibaba's massive offering inflated technology IPOs on the year, as the average offering in the sector lost 6 percent after its first day of trading. Excluding Alibaba, technology IPOs performed worse this year than in 2013, he said.
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"Technology companies are having a hard time raising funds year over year," Peterson said.