Below is a look at how IPOs have been performing recently as we approach Twitter's (NYSE:TWTR) initial public offering tomorrow. As shown, Bloomberg's IPO Index -- which is made up of companies that have gone public within the last year -- has surged in 2013, gaining 41.6% compared to the 24% gain for the S&P 500. The index made a new 52-week high just yesterday.
Unlike their performance so far in 2013, IPOs struggled in 2012. After surging out of the gate in the first quarter, the Bloomberg IPO Index made its 2012 high at the end of March and then fell sharply from April through June. This is notable because the Facebook (NASDAQ:FB) IPO came right in the middle of the pullback on May 17th. The Twitter IPO is smaller than the Facebook IPO, but it's certainly getting its fair share of media coverage. Investors are hoping TWTR's IPO tomorrow doesn't mark a top in the rally that IPOs have seen so far this year.