July 27, 2021: -Initial public offerings have come roaring back, on track for a record year due to the companies race to go public in a stock market at all-time highs.
According to data from Renaissance Capital, proceeds from U.S. IPOs have hit $89 billion in 2021, a 232% increased from the same period last year. According to Renaissance, the market is at a record level in terms of funds raised, and it is expected to surpass the full-year all-time high of $97 billion from 2000 amid the dot-com boom.
“The valuations companies can get in the IPO market are historically high,” said Matthew Kennedy, senior IPO market strategist at Renaissance Capital.
“We attribute much of it to a decades-long buildup of unicorns and VC funding,” he added.
Companies that are stay-at-home tech and even health-care innovators to e-commerce players take advantage of a booming stock market that keeps refreshing its record on the back of optimism to the economic reopening. The IPO boom coincides with the increasing force of retail investors eager to own a piece of their favorite companies.
According to Renaissance Capital, a total of 250 IPOs have been priced in 2021, up 191% from the same period in the previous year and already beating 2020′s total number of IPOs at 218.
At least nine IPOs this year saw their shares doubling from their offering prices. E-Home Household Service, the Chinese housekeeping and home appliance service company, has increased over 300% since its market debut in May.
Biotech Verve Therapeutics, ZIM Integrated Shipping, an Israeli container shipping company, and local online payments firm in the markets are among the top-performing IPOs this year.
The rebound in traditional IPO activities became the SPAC market cooled down amid heightened regulatory pressure. According to Barclays data, after a record first quarter, special purpose acquisition company issuance fell 87% in the second quarter as regulators ramp the crackdown efforts.
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