Across the board, despite the pall cast by the COVID-19 pandemic, 2020 was a year of strong IPO deal flow and aftermarket performance, punctuated by a breathtaking surge in IPOs by special purpose acquisition companies (SPACs).

Excluding SPAC IPOs and direct listings, the conventional IPO market produced 209 IPOs in 2020, an increase of one-third from the 157 IPOs in 2019, and the second-highest annual count since 2000, trailing only the 244 IPOs achieved in 2014.