The number of venture-backed initial public offerings awaiting their stock market debut more than doubled at the start of 2007 with a tech filing from Omneon Video Networks marking a late-entry addition to the roster.

Hailing largely from the tech sector, the ranks of venture-backed IPOs swelled to 36 as of Tuesday, up from 16 in the year-ago period, but down from 51 at the start of the busy fourth quarter of 2006, according to a survey by the National Venture Capital Association and Thomson Financial.

Mark Heesen, president of the National Venture Capital Association, said an overhaul of the Sarbanes-Oxley law could help small companies eying IPOs.

“There is the potential to see measurable Sarbanes-Oxley relief for smaller public companies in 2007, which would be a welcome boost for the U.S. IPO market,” Heeson said. “In absence of this reform, however, venture capitalists will look at other liquidity paths — foreign exchanges or sale to financial intermediaries — as viable exit alternatives in the coming year.”

[1] Marketwatch: Venture-backed IPOs perking up