Technology companies are taking up a bigger share of US IPOs than at the peak of the boom in 2000, prompting fears that the market could be heading for fresh falls.

As the US new issue market has recovered this year, technology companies have filed to issue $4.4bn of stock in flotations. Volume from the sector represents 30% of the pipeline for initial public offerings. Even at the peak of the boom, technology companies made up only 27% of the total IPO market, according to Dealogic, the investment banking data provider.