Markets

Global IPOs Blow Past $600 Billion Mark in Best Year on Record

By Swetha GopinathMyriam Balezou, and Julia Fioretti

Global initial public offerings have smashed their previous record this year, propelled by a blank-check boom and companies cashing in on high valuations.

With six weeks to go, about 2,850 businesses and special purpose acquisition companies have raised more than $600 billion in IPOs, leaving the records for both deal count and proceeds reached in 2007 in the dust, according to data compiled by Bloomberg.

Leading the pack is electric-truck startup Rivian Automotive Inc., which raised nearly $12 billion in New York this month. Asia’s biggest was China Telecom Corp.’s 54 billion-yuan ($8.4 billion) IPO in August, while Polish parcel-locker provider InPost SA seized the top spot in Europe with its 2.8 billion-euro ($3.2 billion) Amsterdam listing in January