55 IPOs raised $15.5 billion in the most active July since 1999 and the biggest for proceeds ever. The month’s IPOs were joined by 26 SPACs. Healthcare was the most active sector with 25 IPOs, mostly biotechs, as well as medical device makers and health service providers. Robinhood Markets produced the largest deal, raising $2.1 billion. The month’s IPOs averaged a 9% return from offer, driven by first-day gains (19%), while just over half of IPOs finished above issue. Despite the near-record activity, aftermarket trading was weak and several deals postponed, likely due to investor fatigue and company-specific issues. 50 companies submitted initial filings, though filing activity tapered off ahead of the annual August slowdown. The Renaissance IPO Index underperformed major indices, down 5.3% for the month, partly due to a pullback in Chinese issuers and certain growth industries. 
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