In Europe, Goldman Sachs is topping the leaderboard of advisors in terms of value of IPO deals completed, with a market share of 13.6 percent in this year's deals so far, followed by JPMorgan (9.7 percent) and Deutsche Bank (9.4 percent).
However, it isn't quite 2006 all over again at investment banks.
There are still risks to continued outperformance, such as worse economic performance, as Hessberger pointed out.
Some of the more recent listings have been less well received, such as Candy Crush game maker King Digital, whose shares fell by 16 percent on their debut. And the most recent Lloyds sale featured a greater discount than the last tranche sold by the UK government.
(Read more: 'Candy Crush' maker prices shares at $22.50 for IPO)
There are also suggestions that some banks are having to resort to different measures to get in on IPOs, such as observing stricter guidelines against working with particular clients' competitors and even waiving fees to be listed as part of deals they didn't work on for existing clients.
The M&A and debt markets have not recovered in the same way. Revenues for these kind of deals are down 6 percent for M&A, and 22 percent for debt capital markets globally, according to Dealogic figures.
While there are a number of big money deals like the Time Warner Cable purchase pushing up M&A figures, the actual number of deals is down 14% compared to 2013 at this point, making 2014 the slowest year-to-date period by number of deals since 2003, according to Thomson Reuters data.
This may heighten fears of further cuts to investment bank operations.