The first quarter of 2014 had the most initial public offering (IPO) activity since 2011 and, following this, May had the biggest week overall this year.

This exceptional UK IPO activity was mirrored in the US, where May ended as the fourth straight month with at least 20 NASDAQ IPOs, the longest such streak since 2000.

Zoopla, B&M Bargains, Wizz Air and River and Mercantile Group’s same-day announcement to list on the London Stock Exchange was definitely a highlight of this activity.

Yet, the biggest and most exciting news came from Alibaba, China’s largest e-commerce company, which officially filed for a US IPO. Alibaba’s IPO is expected to rank among the largest ever (alongside, or maybe even bigger than, Facebook) and reportedly expected to raise as much as $15bn to $20bn.

The excitement generated by Alibaba’s IPO shows a continued appetite for high-growth technology companies among investors.

This interest is reflected in TD’s International Top Ten Buys table, where 70 per cent of companies listed are from the tech sector.

However, the re-opening of the Chinese stock exchange this year, combined with an intense tech IPO activity in China (which accounted for 42 per cent of all tech IPOs in quarter one 2014) and the flotation of Chinese tech giants such as JD.com and Alibaba have the potential to change the geographical distribution of our international top trades, which have remained 100 per cent North American so far.

Still, it seems that the incredible IPO activity in May came with a shift in investors’ sentiment.

In the UK, Zoopla’s announcement to list came on the back of Fat Face deciding to drop its plans and Saga pricing its flotation at the low end of the range.

In the US, about seven IPOs were withdrawn in May – the most in one single month of 2014 – and a great share of the companies that did list were priced at levels below market expectation.

Investors seem to have become increasingly selective about which flotation they support and at what price – perhaps after experiencing some disappointing listings. However, this shift could be seen as a positive, potentially leading to a healthier market for retail investors who are usually there for long-term gains.

Spotlight

• Pharmaceutical giant AstraZeneca (AZN) entered TD’s UK Top Ten in May, on the back of the news that it could be bought by US competitor Pfizer and the company’s successive decision to reject the £60bn offer.

• Insurance technology firm Quindell (QPP) remained in the top three most popular UK buys and sells, after it lost more than £900m of its market value in a day in April after being criticised by a US short-seller.

• UK tech firm Blinkx (BLNX) climbed in our UK Top Ten Buys & Sells last month, after revealing a modest rise in profits before tax in its full-year results. Blinkx is the only UK technology firm listed in our Top Tens in May.

The Top 10 UK TD client Buys and Sells for May 2014

The Top 10 International TD client Buys and Sells for May 2014