US IPOs Double on First Day at Fastest Pace Since 2021 (Correct)

Stocks of newly-public companies are surging in their first sessions at the fastest pace in three and a half years, enthralling traders and heating up the market for US first-time share sales.

Drone maker Airo Group Holdings Inc. ended Friday with a gain of 140%, a day after raising $60 million in its initial public offering, and coming barely a week after stablecoin issuer Circle Internet Group Inc. surged 168.5% immediately following its $1.2 billion IPO.

With conservative cable channel Newsmax Inc.’s wild 735% opening gain in March, following its $75 million offering, three companies raising at least $50 ...