The third quarter of 2013 saw an acceleration of the IPO market, with 60 deals completed, more than double the level in the second quarter of 2013, according to research firm Renaissance Capital. Can it keep up? It looks like it, barring a total debt and market meltdown.

Recent IPOs featured companies from all walks of life, including consumer and healthcare, but technology led the way, providing some of the biggest gains. Some of the deals covered on the Rayno Report, including Rocket Fuel (FUEL) and FireEye (FEYE), were among the best gainers, respectively up 85% and 105% over their pricing.

Other big gainers included Sprouts Farmers Market and Benefitfocus, which are respectively up 146% and 85% from their IPO pricing, according to IPOscoop.com.

How frothy was it? The third quarter of 2013 yielded an average total return of 27%, according to Renaissance Capital. Of the 60 IPO offerings in the quarter, 27 of them were venture backed.

And guess what: It's could get even bigger. Some big-ticket names are lined up for IPOs, including Twitter and Alibaba. And just today, Barracuda Networks filed to go public.

Of course, a US budget trainwreck could always derail the market, but for now, the markets are marching onward despite a government shutdown that everybody sees as a temporary bump in the road.

"We caution that the US IPO market remains captive to external events: volatility arising from US budgetary concerns and the debt-ceiling debate could stretch IPO timelines," Renaissance says in its latest report. That said, the recovery that began to take hold earlier this year is showing no signs of subsiding, setting the stage for a breakout year for US IPOs."