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Retail investors should be buying into initial public offerings, Ernst & Young's global IPO markets leader said Friday.
"Relative to equity indices overall, people are investing in IPOs because they're significantly outperforming the market, both in the short term and in the long term," Jackie Kelley told CNBC''s "Squawk Box."
Kelley made her comments one day after fitness tracker maker Fitbit put up the eighth best IPO performance of 2015.
Read More Fitbit opens 52% higher in market debut
She warned that there is "fine nuance" involved in playing short-term pops in the technology sector, but said the majority of IPO buys are long-term investments.
As for valuations, Kelley said she doesn't believe the IPO market is in a bubble, but said investors must keep in mind the long-term prospects for the stock.
"Obviously the markets are at highs right now. Any time anyone's going public and having valuations at this level it's very exciting at the IPO date, but the issue becomes sustainability of that price," she said. "Obviously you're going to be a little bit more subject to market fluctuations."
While fewer IPOs have hit the market this year, those that have priced are collectively up more than 20 percent. Ernst & Young reports that global IPO offerings have declined 57 percent in terms of number of deals and capital raised in the first six months of 2015, compared with the same period last year.
Kelley is expecting Fitbit's performance to create momentum in the IPO market, noting there are about 20 companies lined up to price. While total volume will probably be down from last year, Kelley forecasts the second half will be much stronger for IPOs.
"We're probably going to end this first half of the year with 100 IPOs. All of us are going, 'Wow, the markets are so slow.' That's still 100 IPOs," she said.