Initial public offerings raised almost $20 billion globally in the first quarter, as companies from Pfizer Inc. to Goldman Sachs Group Inc. took advantage of a rally in stock markets to sell businesses.

IPOs generated 18 percent more than in the year-ago period, led by Pfizer's $2.6 billion sale of its animal-health unit Zoetis Inc. and Goldman Sachs's offering of shares in German apartment landlord LEG Immobilien AG, according to data compiled by Bloomberg as of March 27. Initial offerings declined to about half the level of the fourth quarter, when companies raised about $37 billion.

“We're in a world where investors believe in repair and global recovery,” said Evan Damast, global head of equity syndicate at Morgan Stanley in New York. “While there are still a handful of skeptics proceeding with caution, the global investor base is very receptive to growth stories.”