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Tech IPOs 'beginning to bubble up,' says Art Cashin

The market for initial public offerings is "starting to catch fire again," Art Cashin, director of floor operations at UBS Financial Services, said on Friday, just as two hot tech IPOs were about to begin trading.

Twitter's planned offering as a backdrop has "everyone interested," Cashin said in a "Squawk on the Street" interview. "We're beginning to bubble up," but not quite like the dotcom bust of the 1990s.

Ad technology firm Rocket Fuel and cyber-security software provider FireEye were both priced last night at the high-end of their respective ranges.

"You are beginning to see some chasing of return" by investors and it's "getting aggressive," Cashin explained. "Where interest rates go will make you re-value things. So 'fully-priced' is a word that I'm beginning hear more and more around."

Following the Federal Reserve's decision not to begin tapering its massive bond-buying program, Warren Buffett told CNBC Thursday that stocks were basically "fairly-priced," while fellow billionaire investor Carl Icahn called the market "fully-valued."

(Read more: Buffett: Stocks now 'more or less fairly priced')
(Read more: Icahn: Market is fully valued, but Apple is a buy)

As for the close of trading on Friday, it should be a "very exciting and possibly a tense final 10 minutes," Cashin said, because of the "quadruple witching" expirations of stock index futures, stock index options, stock options, and single stock futures.

"We're certainly going to see whopping volume. I don't know if we'll see a record, but we may come reasonably close," he predicted.

(Read more: CNBC explains quadruple witching)

The changes to the Dow Jones Industrial Average will also be made after the Friday close, with Goldman Sachs, Visa, and Nike joining the 30-stock index as of the start of trading Monday.

By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.

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