The IPO market is booming, but it's not for the inexperienced investor, Morgan Stanley's co-head of global capital markets told CNBC on Thursday.
"From around the world we've got a healthy IPO pipeline, healthy amount of follow-ons and healthy placements," Raj Dhanda said on "Squawk Alley."
With the tech-heavy Nasdaq nearly at 5,000, Dhanda drew a distinction between today's IPOs and those of 15 years ago during the height of the dot-com bubble.
"Companies today go public later," he said. "They've been introduced to investors through the private-placement market often, so it's a robust and attractive market."