US initial public offerings, which were a big driver of equity capital markets activity in the country last year, powered down in the first three months of this year, but a super-charged boost in takeover-related fundraising has meant the sector has still had its busiest start in 15 years.

US initial public offerings last year raised their highest total since 2000, at $61.6 billion. However, in the first quarter of 2015 such activity has raised just $5.9 billion, down around 46% on the first quarter of last year and the lowest first quarter total since 2012, according to data provider Dealogic.