The U.S. initial public offering market was off to a slow start in the first quarter.

According to data from Renaissance Capital, which tracks IPO data, the U.S. IPO market “slowed dramatically in the first quarter of 2015,” with 34 IPOs raising $5.4 billion. Half of those proceeds were from biotech and health-care firms, which accounted for half of all IPOs.

While there were a few well-known names, such as Box, GoDaddy and Shake Shack, Renaissance said consumer and technology offerings “fell below their historical averages and, unlike recent years, there were few large leveraged buyout exits.”

And while the $5.4 billion raised in the first quarter is the smallest by proceeds raised since the third quarter of 2011, Renaissance said the absence of large deals also has the effect of pushing down the average deal size.

Renaissance also noted that during the quarter, investors continued to challenge proposed valuations. It said that more than a third of IPOs were priced below the range expected.