If it seems like the stock market has cooled a little on new offerings, that’s because it has.

Since March, the share price of tech companies going public in an initial public offering have risen an average of 41% on the first day of trading, down from an average first-day pop of 59% in January and February, according to data from Dealogic. And when you exclude the IPO of eSports Technologies, a competitive gaming platform whose stock soared 507% on its first day, the average first-day pop since March is just 18%.