Small was beautiful when it came to successful initial public offerings (IPOs) in 2015.

The average IPO this year was about $331 million, which means if you weren’t in the hunt for small cap stocks you lost out.

That is one of the conclusions that can be drawn from the latest study of IPOs by the Australian Private Equity & Venture Capital Association (AVCAL).

The AVCAL data, compiled by Rothschild Australia, highlights the fact that private equity-backed IPOs actually performed better than non-PE backed firms in every one of the past three years.

That will come as a shock to those who reckon they received the rough end of the pineapple from those PE firms which sold Dick Smith Holdings and Spotless Group.

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