SPACs, direct listings, traditional IPOs. No matter how companies have made the switch from private to public markets, they’ve been met with exuberance.
The market for newly minted stocks has exploded this year, with U.S. initial public offerings raising more than $80 billion so far, surpassing prior highs from the dot-com era, according to Bespoke Investment Group. An exchange-traded fund of recently listed companies has surged 67%, far outpacing the broader market. And the third-quarter deal count has been the busiest since 2000, according to Renaissance Capital.