The total dollar amount of initial public offerings (IPOs) is on pace to register its highest yearly level since the financial crisis.

IPOs are thriving, as investors are willing to take on more risk to outdo the paltry yields available on bonds, The Wall Street Journal reported.

So far this year, $16.8 billion has been raised through 64 IPOs, compared with $13.1 billion from 73 IPOs in the same period of 2012, according to Dealogic data cited by The Journal. Last year produced the highest dollar total since the financial crisis.

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The stock market's steady rise has made investors more confident toward IPOs. "This is the busiest market we've seen in the last 10 years," Hank Erbe, head of equity origination and syndicate at Fidelity Capital Markets, told The Journal.

If an investor bought shares in every IPO raising more than $25 million this year, they would be staring at a gain of 15 percent, according to Dealogic. That equals the appreciation of the Russell 3000, which includes large and small companies, so far in 2013.

While total IPO dollar values may be on the rise, Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, says it's not enough.

The number of IPOs is declining and that will hurt the stock market and investors, he told CNBC.

"The vast majority of the interesting companies that are sort of at the $50 million to $100 million revenue stage, that have historically have been the source of the exciting IPOs that put growth into the market, those companies are quite simply staying private, they aren't going public," Andreessen said.

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