(Reuters) – A number of firms have filed for U.S. preliminary public choices (IPOs) this week within the busiest interval in current historical past, as companies rush to make the most of ample investor urge for food for brand spanking new stocks. FILE PHOTO: A banner asserting the Chinese language automobile producer XPeng Inc. is seen on the skin of the New York Stock Trade (NYSE) forward of the corporate’s IPO buying and selling beneath the stock image “XPEV” in New York, U.S., August 27, 2020. REUTERS/Mike Segar/File PhotoFilings by the likes of information analytics firm Palantir Applied sciences and cloud-based knowledge warehouse agency Snowflake Inc underscore the rebound within the IPO market, which had all however floor to a halt in April as a result of financial uncertainty of the COVID-19 pandemic. The likes of short-term dwelling rental firm Airbnb and meals supply firm DoorDash are additionally gearing up for IPOs later this yr. It has teed up what dealmakers anticipate to be one of many busiest ever ends of the yr. “September, October is normally the busiest time of year for IPOs but I think the market is going to make history with the breadth of activity we’ll have this year,” stated Jim Cooney, head of fairness capital markets for the Americas at Bank of America. There have been 17 filings of registration statements to go public this week as of Friday morning, the best within the final 5 years, Refinitiv knowledge confirmed. Motion by the U.S. Federal Reserve earlier this yr to pump cash into markets has pushed fairness markets again as much as file highs regardless of the financial hit from the pandemic. The rising stock market has made for a fertile IPO market, with the robust efficiency by new stocks additionally a vital issue. The typical one-day achieve for U.S. IPOs up to now this yr is 23.7%, in comparison with 12.8% in 2019 and 13.4% in 2018, in accordance with knowledge supplier Dealogic. The typical one-week return for 2020 is 25.4%, once more outpacing 15.2% in 2019 and 11.9% in 2018. Some firms have been capable of notch eye-watering features. Retail software program agency BigCommerce Holdings Inc BIGC.O has seen its shares rise over 300% since its public debut earlier this month. “There’s an exuberance throughout the IPO market that has resulted in investors being rewarded for participating and issuers being rewarded for fast-forwarding their IPO timelines,” Cooney stated. That exuberance has additionally been seen in Asia the place Ant Group, Alibaba’s fintech arm and China’s dominant cell funds agency, this week filed for a twin itemizing in Hong Kong and Shanghai which might increase as a lot as $30 billion to turn out to be the world’s largest IPO. It’s a totally different story in Europe, the place itemizing volumes have been at their lowest in eight years within the first half of 2020. “IT FEELS LIKE 1999” The robust run of IPO pricings continued this week with Chinese language electrical automobile maker Xpeng Inc XPEV.N. The corporate bought shares in its $1.5 billion IPO above its goal vary and noticed its stock soar greater than 50% on its New York Stock Trade debt. Firms have raised greater than $70 billion in U.S. IPOs up to now in 2020, already outpacing a $62.5 billion haul for all of 2019. That places the yr on observe to be the busiest since 2014 and second-biggest since 2000. A lot of the IPO exercise has been pushed by so-called particular goal acquisition firms (SPACs), that are shell firms and lift cash in an IPO to make an acquisition, usually inside two years and are set for a file yr. This week, Gary Cohn, the previous financial adviser to U.S. President Donald Trump, turned the newest high-profile title to affix the frenzy of SPAC dealmaking. The breakneck tempo for IPOs has evoked reminiscences of the dot-com bubble on the flip of the century, with issues the exuberance might result in frothy valuations which aren’t sustainable in the long term. “The levels of activity that we are seeing right now are at levels that we have not seen in a very long time,” stated Tad Freese, managing companion of the Silicon Valley workplace of legislation agency Latham & Watkins. “It feels like 1999 again.” Graphic: U.S. IPO market set for bumper 2020 right here Reporting by Joshua Franklin and Krystal Hu in New York, and Anirban Sen in Bangalore; Modifying by Tom BrownOur Requirements:The Thomson Reuters Belief Rules.