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This summer's expected IPO stampede will likely fuel a record year

A tidal wave of household names — like Robinhood and Krispy Kreme — is about to hit the public market.

Why it matters: Jitters that spooked some would-be public companies last month didn't last. Investors are now bracing for a summer "scorcher" that will reignite the IPO boom and likely fuel a record year.


What they're saying: "Early to mid-May, we were expecting IPOs to rapidly slow down this summer," says Matthew Kennedy, a senior strategist at Renaissance Capital.

  • "We're once again preparing for a blowout year."

Flashback: The broad stock market sell-off last month — sparked by inflation fears — rattled the IPO market. At least three companies postponed going public to avoid the storm.

  • The companies that went ahead saw less excitement from investors, on average, the Financial Times reported. This led to more subdued first-day share price "pops."

The bounce is back so far this month. Companies listed on the Nasdaq and NYSE have seen their share prices surge 33% on the first day of trading, according to Dealogic data. Compare that to May's 23%.

Where it stands: Last week was the busiest period for special purpose acquisition companies (SPACs) since March — with nine new blank-check firms raising $1.4 billion, according to Renaissance.

  • It's a "dizzying week" for IPOs, Marketwatch notes. Among the higher-profile names: consumer genetics firm 23andMe.

What's next: Didi Chuxing, the colossal ride-share platform based in China, filed to go public last week. It could be the biggest U.S.-listed IPO since Alibaba in 2014 — and it's aiming to debut this summer.

  • So might Robinhood, the free trading app at the center of the meme stock mania that captured the world's attention.

The bottom line: Stripping out SPACs, newly public companies could raise as much as $40 billion this summer, per banker estimates cited by the Wall Street Journal — shattering the record amount raised in the same timeframe last year.

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In photos: Race to evacuate Afghanistan

The U.S. and allied countries are "working around the clock" to evacuate people from Afghanistan ahead of next week's scheduled full United States military withdrawal from the country, per the New York Times.

The big picture: President Biden said Tuesday that over 70,000 people had been evacuated since the airlift began on Aug. 14 and that the U.S. and its allies were on pace to pull out from Afghanistan by the deadline. He's suggested that U.S. troops may remain beyond Aug. 31 to continue to help in evacuation efforts.

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CDC panel: COVID vaccines should go to health workers, long-term care residents first

Health-care workers and nursing home residents should be at the front of the line to get coronavirus vaccines in the United States once they’re cleared and available for public use, an independent CDC panel recommended in a 13-1 emergency vote on Tuesday, per CNBC.

Why it matters: Recent developments in COVID-19 vaccines have accelerated the timeline for distribution as vaccines developed by Pfizer and Moderna undergo the federal approval process. States are preparing to begin distributing as soon as two weeks from now.

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Special report: Europe braces for monster 2nd coronavirus wave

Data: Our World in Data; Chart: Naema Ahmed/Axios

The pandemic has come storming back to Europe, and hope of a return to normality is being replaced by a much more ominous prospect: the return to lockdown.

The big picture: Case counts in countries like France and Spain have skyrocketed past the numbers seen during the spring peak. While that’s partially due to more widespread testing, it’s now clear that deaths are climbing too.

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