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Illustration: Eniola Odetunde/Axios

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.

Go deeper

Wall Street's sneak preview of 2022

Illustration: Aïda Amer/Axios

Wall Street’s top stock market forecasters are already telling clients what to expect in the stock market in 2022.

Why it matters: The stock market, as measured by the S&P 500, is up an impressive 20% since the beginning of the year. It’s more than doubled from its March 2020 low.

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, a group with ties to prominent Democrats that's been running ads attacking Republican candidate Glenn Youngkin from the right.

3 hours ago - Technology

Race and technology in America

Illustration: Annelise Capossela/Axios

The technology industry is famously determined to change the world — but its efforts to diversify its workforce and remove bias from its products haven't changed nearly enough.