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Illustration: Sarah Grillo/Axios

Lyft raised $2.34 billion on Thursday in an IPO that was 20 times oversubscribed. In other words, the underwriters received about $47 billion of orders for Lyft shares — more than double the market capitalization of the entire company.

The Levi Strauss IPO, last week, was 10 times oversubscribed. A raft of other IPOs could raise as much as $100 billion on U.S. markets alone this year. Uzbekistan's recent global bond offering was more than 5 times oversubscribed, and came on the heels of a similar bond from Tajikistan, which was 8 times oversubscribed.

Where's the money coming from? In a word, buybacks. So far this year, U.S. companies have spent $253 billion buying back their own stock from investors. Most of those investors don't want to exit the stock market entirely, so they need to reinvest the proceeds elsewhere. IPOs are one of the few areas that companies are actually asking for new equity capital.

Be smart: Underwriters have every incentive to exaggerate the amount of demand they receive for their offerings. And once a deal is oversubscribed, many investors will artificially inflate their orders, in the knowledge that their final allocation will end up being scaled back. Still, much of the demand is real — and is likely to remain elevated as long as American companies continue to flood investors with cash.

Go deeper

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Colonial pipeline hack: Key takeaways from Biden's first energy crisis

Illustration: Shoshana Gordon/Axios

Restoration of the Colonial Pipeline, the huge East Coast gasoline artery, is the beginning of the end of a crisis that prompted a White House logistical and political scramble.

Catch up fast: Late Wednesday afternoon Colonial began restart of the 5,500-mile line that shut down nearly a week ago after a ransomware attack.

New Jan. 6 body camera footage shows Trump supporters attacking officer

New body camera footage obtained by CNN shows the moment a DC police officer was brutally attacked by Trump supporters during the Capitol Hill insurrection.

Driving the news: The release of video comes a day after Republican members of Congress sought to downplay the Jan. 6 events, with some lawmakers calling the rioters "peaceful patriots" and comparing them to tourists.

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

Liz Cheney's plan to take on Trump

Cheney speaking to reporters after being removed as GOP conference chair yesterday. Photo: Kevin Dietsch/Getty Images

Rep. Liz Cheney (R-Wyo.) plans to make her purge the beginning of a new movement, with campaign travel, fundraising and speeches to challenge Donald Trump for ideological dominance of the GOP.

Driving the news: Sources in Cheney's camp tell me her message will be the importance of the truth, the need to move past Trump, and a push to articulate conservative policy and substance to combat Democrats.