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Venable partner Chuck Morton was quoted in a June 25 Baltimore Business Journal article about the dearth of IPOs by Maryland companies even though the pace of U.S. IPOs is at its highest rate since 2007. This year represents Maryland’s third straight year with just a single IPO, Rockville’s BroadSoft.

Morton told the BBJ that Maryland has a modest history of IPOs. A key factor, he said, is that the state’s economy consists largely of service-oriented companies, which don’t have the same need to raise large amounts of capital that product-based companies require.

Nationally, IPO volume is higher than it has been over the past two years. As of June 21, there have been 59 U.S. IPOs, just four fewer deals than during all of 2009 and a 25 percent increase over all of 2008. However, the values of IPOs have decreased. Companies have raised $8.6 billion so far this year. In 2009, companies raised more than twice that amount on similar deal volume.