Wounded unicorns—IPO pipeline slows

A Shake Shack restaurant in New York.
Andrew Kelly | Reuters
A Shake Shack restaurant in New York.

After a record year in 2014, the IPO market hit a roadblock last quarter, a worrisome sign that could stall the bull market.

The number of companies going public in the past three months fell to 34, a 50 percent decline from the same period a year ago, making the quarter the least active for new offerings since 2013, according to Renaissance Capital. Proceeds from new deals were also slashed in half to $5.4 billion.