No Recovery in I.P.O.’s Yet

A small flurry of initial public offerings and acquisitions has had some in the technology industry talking about a more open door for cashing out of start-ups. Not so fast.

The number and value of acquisitions and public offerings of venture-backed start-ups in the third quarter fell below even the dismal second-quarter numbers, according to data from Thomson Reuters and the National Venture Capital Association. There were only three I.P.O.’s, bringing this year’s total to eight.

“The fact that the many in the media are classifying three I.P.O.’s as a resurgence is evidence of how low our expectations have become,” said Mark Heesen, president of the industry association.