An oncoming wave of initial public offerings could pose a threat to the bull market and lead to a pause, Jim Cramer said.
Nearly $10 billion has been raised for IPOs so far in 2017, making this one of the strongest starts to the year for IPOs in over a decade.
"I keep thinking back to March of 2014, the last time deals started coming at a fever pitch. That was the era where we were seeing companies come public at a nine or ten times enterprise-to-sales valuation and the market loved it… right up until it didn't," the " Mad Money " host said.
In 2014, the market got overexcited amid a surge in IPOs until there simply wasn't enough money to support their stocks — and that's at risk of happening in the near future, Cramer said.
Watch the full segment here:
Cramer pointed to Thursday's and Friday's back-to-back IPOs of retailer Canada Goose (Toronto Stock Exchange: GOOS-CA) and software company MuleSoft (NYSE: MULE).
Cramer said the two shouldn't worry investors yet. He embraced Canada Goose as a rare sign of growth in a struggling sector, and called MuleSoft "a terrific company" that even after a 45 percent run right out of the gate, "seems like … it's got more room to run."
But if the two are the start of a trend, more of the same could lead to oversupply in the market, Cramer warned.
"I always says that what ultimately kills the bull is supply, because the stock market, like any other market, is all about supply and demand. When the market's roaring, more companies will want to come public, and sooner or later we get so many IPOs that the market's flooded with supply and it overwhelms the demand," the "Mad Money" host said.
That could result in the market pause so many analysts have been predicting since the rally began, Cramer said.
"Do you know that this might be my 20th IPO cycle in 37 years where I see the supply coming, and it looks to me like we're white water rafting together. And we hear the falls, but we're having such a good time we say to ourselves, 'Why stop?'" he asked.
"Well, I'll tell you why. The bottom of the waterfall is too far from here. Nobody makes it out alive," Cramer continued. "So, forgive me, but if IPOs keep coming at this torrid pace … I'm eventually going to have to tell you to get out of the raft."
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Questions, comments, suggestions for the "Mad Money" website? firstname.lastname@example.org
More From CNBC