The Download: At least eight businesses are expected to price profitable IPOs in the next three days, yielding nearly $5 billion in what may be the most commercially viable week for new listings in five years.
Why It Matters: It’s the strongest IPO market in more than two decades, with U.S. tech stocks—now worth more than the entire European stock market—leading the way. According to Refinitiv data, almost $83 billion was raised across 203 IPOs in 2020, not including listings of special purpose acquisition vehicles (SPACs) on U.S. stock exchanges. Firms like home-rental company Airbnb, food delivery startup DoorDash, and data warehouse firm Snowflake capitalized on the stock market recovery following Covid-19.
In Their Own Words: “It’s almost like we didn’t miss a beat here after a record 2020. This week is the start of what we expect to be a very busy January,” said Eddie Molloy, co-head of equity capital markets in the Americas at Morgan Stanley.
Surface Says: The U.S. is holding its own in the stock market. IPOs are having a solid start this year, following the rise of biotechnology companies.