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Illustration: Sarah Grillo/Axios

It's been a banner week for public markets. They're not only hitting new record highs, but they're also successfully allocating billions of dollars of fresh capital to a slew of companies going public in IPOs.

Why it matters: The current market is liquid and predictable enough for the bookrunners to be able to do their job well, allocating shares to institutional investors at a price just below where the market ends up valuing the company.

Between the lines: When stocks start trading well above their IPO price, as was common earlier this year, those companies "left money on the table" and enriched well-connected investors who did nothing but hold for a few hours.

  • The big test, however, is going to be Robinhood, whose S-1 was unveiled on Thursday.
  • The market price of Robinhood stock is likely to be determined more by retail than by institutional demand, making it much harder for investment bankers to determine the correct IPO price.

Driving the news: This week saw 17 separate IPOs, raising more than $9 billion in total.

  • By far the biggest was Didi, the Chinese ride-hailing giant, which raised $4.4 billion at $14 per share and closed Thursday at $16.40.
  • SentinelOne, a cybersecurity giant, went public at $35, raising $1.2 billion, and closed Thursday at $40.04.
  • Other noteworthy IPOs include Krispy Kreme (priced at $17, closed at $21) and LegalZoom, which priced at $28, raising $700 million. It had the biggest gain so far, closing Thursday at $38.50.

The bottom line: There doesn't seem to be any limit to the amount of capital available to companies wanting to go public. This means that the second quarter of 2021 has been the busiest quarter for IPOs since 2000.

Go deeper

Taking stock of the market's roller coaster week

Photo: Angela Weiss/AFP via Getty Images

The stock market roller coaster ride this week was real.

Why it matters: This year was on pace to notch a rare milestone: a full 12-months without a pullback of more than 5% in the S&P 500 — until this week helped tip it further out of the running.

1 hour ago - Sports

Unvaccinated athletes face 21-day quarantine at Beijing Olympics

Logos for the 2022 Winter Olympics at Yanqing Ice Festival in February 2021 in Beijing. Photo: Lintao Zhang/Getty Images)

Athletes, staff members and journalists at the 2022 Beijing Olympic and Paralympic Winter Games who have not been vaccinated against the coronavirus will be required to quarantine for three weeks, the International Olympic Committee (IOC) outlined in its newly-published "playbooks."

Why it matters: The quarantine period is longer than the Games themselves, meaning vaccinations or an earlier arrival date will be required to participate in or cover the Games.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.