Accounting software maker BlackLine and WiFi chip set company Quantenna have already filed their respective prospectus filings with the Securities and Exchange Commission.

The next likely candidates include music streaming services provider Spotify and social media site Pinterest, Rao, as well as potentially cloud storage company Dropbox and data analysis firm Palantir Technologies.

Meanwhile, successful market debuts will likely create a domino effect.

"The market warmed up deal by deal," said Renaissance Capital's Smith, while also acknowledging that the returns are starting to contract due to an ongoing stock market selloff.

Still, tech has been a bright spot within the IPO market -- it's been the best-performing sector with 16 IPOs this year.

"We know what's lacking is real secular growth, and eyes are turning to the tech sector," she added.

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