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Illustration: Aïda Amer/Axios

Stock market volatility is supposed to be kryptonite for IPOs, causing issuers to hide out in their private market caves.

Yes, but: This is 2020, when nothing matters.

Driving the news: Lufax, a Chinese online lender, last night raised $2.4 billion in the year's second-largest U.S. IPO.

  • This capped off a week that also saw large floats from Root Insurance ($724 million), Leslie's Pools ($680 million) Allegro MicroSystems ($350 million),and Atea Pharma ($300 million). Each priced either at or above the top of its estimated pricing range.
  • And then there's what's happening in China with Ant Group, which reportedly has a record $3 trillion in retail investor bids for its IPO, slated to hit next week.

Between the lines: Each of the U.S. issuers intentionally planned to price into a presidential election whose outcome is uncertain — not just the victor, but even the process around determining the victor. And they kept marching forward as COVID-19 cases, hospitalizations, and deaths spiked and hopes for economic stimulus slumped.

  • Some of this can be explained by the old maxim about the strongest issuers being able to go public in any market, but that can't account for all 16 U.S. IPOs since the beginning of last week, let alone the successful SPACs.
  • One possibility is that the divergence of IPO performance and public benchmark performance has led some investors to believe IPOs are lower risk and higher reward. For example, Renaissance Capital's U.S. IPO index is up nearly 70% for the year, whereas the S&P 500 is up less than 3%.

But, but, but: There are some signs of mild softening. Three companies — AmeriHome, Caliber Home Loans, and Mavenir — each postponed expected U.S. listings this week.

The bottom line: IPOs show no signs of abating, no matter what happens in the broader markets or real economy, which should set up Airbnb and Doordash to list between Thanksgiving and Christmas.

Go deeper

Affirm files for IPO

Illustration: Annelise Capossela/Axios

Affirm, a fintech company that lets online retailers provide pay-later options for customers, has filed to go public.

Why it matters: The company, founded by PayPal co-founder Max Levchin, is the latest Silicon Valley "unicorn" to file for an IPO as the year draws to a close. A number of tech companies are rushing to go public before the end of the year, including Airbnb and DoorDash, with Roblox and others also rumored to be in the pipeline.

Dan Primack, author of Pro Rata
9 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: DACA was implemented under former President Obama, but President Trump has sought to undo the program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting applications starting Monday and guarantee that work permits are valid for two years.