The IPO flood gates burst open last month as deal volume surged to levels last seen in May 2011. With 20 IPOs pricing, March 2012 considerably outpaced last year's March total of six deals, which was weighed on by persistent market volatility stemming from Japan's earthquake and unrest in the Middle East/Africa region. Despite the sizeable difference in deal count, aggregate proceeds still lagged behind last year's volume as HCA Holdings' $4.4B offering in March 2011 single-handedly exceeded the combined proceeds raised by all 20 issuers last month. Year-to-date comparisons tell a similar story as proceeds have fallen nearly 60% despite a 25% increase in overall deal count.