Small companies make up 93 per cent of the 77 floats that have hit the market to date this year. More than half are trading at or above their issue price, and those in the materials and energy sectors have been making the best gains.

Little-known surveillance technology company Innovonics has once again proved that the provision of "big brother" services is a hot sector for investors when it revealed on Friday it was the subject of a $33 million takeover bid.