Renaissance Capital has released its 3Q 2016 Quarterly Review of the US IPO Market. The review reports an improved third quarter with 33 deals completed, raising approximately $6.1 billion. Renaissance attributes the rise in IPOs to a market rally following Brexit and the resurfacing of tech IPOs. While this increase in the number of deals is a sign of the recovery of the IPO market, Renaissance points out that many Silicon Valley startups continue to choose to remain private, a trend that has gained popularity over the past few years.

The tech sector now makes up 30% of IPOs this quarter with 10 deals, raising upwards of $1.9 billion–a major increase compared to the previous quarter’s four tech IPOs and last year’s single tech IPO in 3Q. Biotech IPOs keep the health care sector as the leading sector for IPOs, in terms of number of deals, with 11 deals, raising approximately $1.3 billion.

Private equity-backed IPOs account for 30% of this quarter’s deals with 10 IPOs, raising approximately $2.2 billion. Additionally, there were 13 venture capital-backed IPOs this quarter, raising $1.1 billion, surpassing the count of PE-backed IPOs for the 13th consecutive quarter. Seven of the 10 tech IPOs were VC-backed.

To view a graph of quartlery US IPO Actiivty since 2006, click here.