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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

Go deeper

Bipartisan group of senators unveil $908 billion COVID stimulus proposal

Sens. Joe Manchin (D-W.Va.) and Susan Collins (R-Maine) in the Capitol in 2018. Photo: Tom Williams/CQ Roll Call

A bipartisan group of senators on Tuesday proposed a $908 billion coronavirus stimulus package, in one of the few concrete steps toward COVID relief made by Congress in several months.

Why it matters: Recent data shows that the economic recovery is floundering as coronavirus cases surge and hospitals threaten to be overwhelmed heading into what is likely to be a grim winter.

Inside Patch's new local newsletter platform

Illustration: Annelise Capossela/Axios

Patch, the hyperlocal (and profitable) local digital news company, has built a new software platform called "Patch Labs" that lets local news reporters publish their own newsletters and websites, sources tell Axios.

Why it matters: It follows a growing trend of journalists going solo via newsletters at the national level.

Scoop: Politico stars plot new Playbook

Anna Palmer and Jake Sherman. Photo: Alex Wong/Getty Images

Three of Politico’s biggest reporting stars plan to launch a competitor to the company’s Politico Playbook franchise, sources tell me. 

Why it matters:  Jake Sherman, Anna Palmer and John Bresnahan will launch a daily newsletter in 2021 as a stand-alone company, the sources say. In effect, they will be competing against the Playbook franchise they helped create and grow.