IPO BoomNothing evokes a stock peak like a rush to the public markets. Debuts from Snowflake Inc. to Airbnb Inc.
took this year’s initial public offerings volume to a record $175 billion in the U.S., data compiled by Bloomberg show.Special-purpose acquisition vehicles that raise money for a “blank check" company to buy whatever it wants have raised over $60 billion in 2020.
That’s more than the previous decade combined.Investors still can’t get enough. The first-day return for IPOs averaged 40% this year, the highest ever other than 1999 and 2000, according to one estimate.All that has drawn unprecedented interest in the Renaissance IPO exchange-traded fund tracking new listings, up more than 100% this year this year.