Though there was a period when VCs were looking to get a piece of consumer companies such as Snapchat, he said, more dollars are now pouring into enterprise-centric companies with clear business models and solid revenue streams.
"When the consumer side is showing momentum, we see money flow very quickly," Sanwal said. "Snapchat is the biggest example of this and getting late-stage investment. And while the chatter will be about Snapchat and the Twitters of the world, there is a great pipeline of enterprise companies ready to IPO."
This group includes software services providers, as well as ad-tech, big data and cloud service companies, Sanwal said. In fact, in the third quarter only 3 percent of VC investment in Internet businesses was going to social companies.
In fact, most of the names in the pipeline already have positive cash flow and don't need capital to sustain themselves, said Dan Winnike, a partner at the law firm Fenwick & West, which specializes in tech and health sciences IPOs.
"You hear some people talking about the market getting a little frothy," he said. "We're lawyers, not experts in valuations, but companies actually going public in 2013 by and large have notable amounts of revenue ... and are viable candidates."
"The notion of frothiness," Winnike said, "doesn't overwhelm me at all when you look at the companies."