Data from hedge fund Renaissance Capital shows that the second quarter was significantly better than the first for the IPO market.

Between the lines: The second quarter's strong numbers were masked by the ugly showing in Q1, when IPO activity was slowed significantly by the U.S. government shutdown. Capital raised for both domestic and cross-border IPOs during the first half of the year fell by 37% year-over-year, with volume down 34%, according to data from law firm Baker McKenzie.

What the data says:

  • 62 IPOs raised $25 billion in Q2, a 5-year record.
  • Uber, Pinterest, and Chewy were among the $5 billion IPOs during the quarter.
  • Average IPO returns were 30% as Beyond Meat and the tech sector took flight.

The last word: Renaissance Capital CEO Bill Smith expects 2019 to be a "banner year," as Endeavor, WeWork, and Peloton are expected to come to market.

Go deeper: Creating the perfect IPO

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Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 21,020,216 — Total deaths: 761,393— Total recoveries: 13,048,303Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,289,323 — Total deaths: 167,948 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health.
  4. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.

Facebook goes after Apple

Illustration: Lazaro Gamio/Axios

Facebook is seeking to force a face-off with Apple over its 30% in-app purchase commission fee, which Facebook suggests hurts small businesses struggling to get by during the pandemic.

The big picture: Facebook has never publicly gone after Apple, a key strategic partner, this aggressively. Both companies face antitrust scrutiny, which in Apple's case has centered on the very fee structure Facebook is now attacking.