During November, 34 IPOs raised $17.6 billion, the IPO market's biggest November since 1999. Blank check companies continued to gain momentum, as 60 SPACs raised $11.1 billion. The most active sector was technology, which accounted for 11 of the month's IPOs and included a mix of consumer engagement software, cloud storage, and crypto mining. Familiar consumer brands like Hertz, Sweetgreen, and Allbirds also achieved listings. Pre-revenue electric truck developer Rivian raised $11.9 billion to become the largest IPO of 2021 to date, as well as the largest deal since 2014's Alibaba. Returns were mostly poor, with under half of the month's IPOs finishing above issue. For IPOs that raised at least $50 million, the group averaged a return of just 2% from offer, gaining 23% on the first day but tumbling -14% in the aftermarket. 30 IPOs submitted initial filings, which was both the year's slowest month yet for new filings, and the most active November for filings in over 20 years.
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