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Illustration: Aïda Amer/Axios

The IPO market is doing its best Alfred E. Neuman impression so far this week, refusing to entertain everyone else's worries.

The big picture: Both the Dow and S&P 500 fell nearly 2% yesterday, as investors tried to measure the fallout of Chinese construction giant Evergrande defaulting on its $300 billion in liabilities.

  • As Axios' Felix Salmon writes: "It's not a Lehman moment but it's still a very big deal."
  • Plus the continuing spread of COVID, the end of extended unemployment benefits, the debt limit absurdity and the uncertain fate of President Biden's infrastructure and reconciliation plans.

As everything else wobbles, the IPO pipeline is holding firm.

  • FreshWorks and Toast yesterday both increased their IPO price terms, and now could raise a combined $1.7 billion.
  • Universal Music made its stock market debut in Amsterdam, after being spun off by Vivendi, with shares jumping around 40% at the open.

IPO bankers are obviously keeping a close eye on macro tumult, but aren't yet advising issuers to tap the brakes. Particularly without at least a weeklong market rout.

  • October has what one IPO adviser referred to as "a bumpy market history," which means that companies have already been primed for rough waters.
  • Companies are loathe to postpone public offerings, both because of implicit promises to employees and because of financial plans that include IPO proceeds and ancillary benefits (i.e., public currency for hiring and acquisition).

The bottom line: We're still expecting nearly 100 more U.S. public offerings in 2021, with a traffic jam that extends well into 2022.

Go deeper

Felix Salmon, author of Capital
Sep 23, 2021 - Economy & Business

Evergrande's share price collapse: The world's biggest no-big-deal default

Data: FactSet; Chart: Axios Visuals

The monster debt crisis that utterly failed to cause any catastrophe this week was that of Evergrande, the Chinese property giant.

Why it matters: Evergrande's share price has collapsed to pennies, its bonds are pricing in a default with very limited recovery, and even its customers are demonstrating across China. But so far the broader repercussions have been minimal.

Mike Allen, author of AM
2 hours ago - Politics & Policy

Fauci fires back at Rand Paul for slam on tonight's "Axios on HBO"

Responding to charges by Sen. Rand Paul on Sunday's "Axios on HBO," NIAID director Anthony Fauci told "ABC This Week" that it's "molecularly impossible" for U.S.-funded bat virus research in China to have produced COVID-19.

Why it matters: The issue 0f Wuhan research was reignited on the right last week with a National Institutes of Health letter to Congress disclosing more about the research.

Manchin, Schumer huddle with Biden in Delaware to discuss spending bill

Senate Majority Leader Chuck Schumer (L) and Sen. Joe Manchin (R) at the U.S. Capitol on Nov. 13, 2014. Photo: Win McNamee/Getty Images

Sen. Joe Manchin (D-W.Va.) will meet with President Biden and Senate Majority Leader Charles Schumer (D-N.Y.) on Sunday morning in Delaware as Democrats look to reach an agreement on the massive spending measure.

Driving the news: Democrats are still negotiating what to keep in the bill and how to pay for it, with Biden saying on Thursday that the party does not have the votes to raise the corporate tax rate.