Across the board, despite the continuing pall cast by the COVID-19 pandemic, 2021 was a year of very strong IPO deal flow, although aftermarket performance fell well short in comparison to the prior year and broad market indices. The surge in IPOs by special purpose acquisition companies (SPACs) continued at a blistering pace, producing another annual record despite wide swings in quarterly tallies.

Excluding SPAC IPOs and direct listings, the conventional IPO market produced 381 IPOs in 2021, almost double the 209 IPOs in 2020, and the highest annual count since 2000. Each quarter of 2021 accounted for the highest total for that quarter since 2000.