IPO mania is unmistakably back. And the sillier the name, the more investors seem to want in.

Rich Sparkle Holdings (ANPA), a company that debuted earlier this summer, is up over 900% since going public.

New stocks like TryHard Holdings (THH) and Bullish (BLSH) — yes, just “bullish,” nothing else — are drawing serious attention as well.

It’s clear that investors have an insatiable thirst for new listings. But before you draw comparisons to IPO frenzies of the past, I’ll say this…

We aren’t seeing the same “bubble about to pop” warning signs.

If anything, I hope you’re in the mood for a pumpkin-spiced latte… because this IPO market is only getting nuttier and frothier from here.

Putting the IPO Frenzy Into Perspective

While some new listings sound downright fictitious, the actual number of additions or second offerings to the NYSE has been relatively standard.

So far, the New York Stock Exchange has yet to reach the IPO surges seen in 2020 and 2021.

Investors were treated to 480 new listings in 2020, including big names such as Airbnb, DoorDash, and of course, Palantir.

The flood of fresh names smashed the record set in 2000 and primed the stock market for an historic run (and equally historic selloff).

Source: StockAnalysis.com

Two decades later, the NYSE added 1,035 publicly traded companies to the exchange, and stocks rallied in parabolic fashion. On Holdings, Robinhood, and Roblox are among the 2021 IPOs still trading.

Meanwhile, a mere 229 new listings have busted onto the scene this year. The market is certainly generating a substantial amount of hype.

But with only 229 IPOs year-to-date, it’s difficult to draw comparisons to the 2000 or 2021 blowoff tops.

Word on the street is that Cameron and Tyler Winklevoss are taking full advantage of the intergalactic-tech-meets-crypto theme. The twins are aiming to list shares of the cryptocurrency exchange Gemini, and plan to do so under the name Gemini Space Station. (Clever and downright ballsy.)

Considering the rumors of high-profile listings to come, I’m sure the number of new issues will grow. Regardless, I highly doubt the market will produce anything close to the ‘20–’21 surge.

IPOs Are Going Global

Today’s IPO mania isn’t just an American trend. Everywhere you look, IPO activity is gaining momentum.

Chinese tech companies are on the hunt for second listings. The Wall Street Journal reported the Hang Seng had 207 active applications in June, more than twice as many as at the end of last year.

In Europe, online retailer SMG Swiss Marketplace AG is planning to list on the SIX Swiss Exchange. If the deal goes through, it will be the first significant offering on the exchange in over a year.

(That sounds like the beginning of a trend.)

Further south, the African continent’s third-largest telecom provider, Airtel Africa Plc, is eliciting the aid of Wall Street banks as it considers the possibility of selling its shares to the public.

Most exciting of all, Angola’s stock exchange, the Bolsa de Dívida e Valores de Angola (Bodiva), anticipates its largest IPO to date, and emerging market experts are forecasting that the exchange will double its listings by the end of next year.

Having said that, however, the upcoming offering of Banco de Fomento Angola SA (BFA) shares will be the fourth stock to be listed on the exchange. Perhaps it doesn’t sound like much, but hey, they have to start somewhere.

SPACs Are Back Too

Blank check companies, also known as Special Purpose Acquisition Companies (SPACs), are also gaining traction.

That’s right, Chamath is back with his newest SPAC. (Another stellar example of a seasoned operator exploiting the market’s zeitgeist. Kudos, Chamath!)

Don’t let the name fool you, American Exceptionalism Acquisition A will not be offering warrants (similar to a call option, except you enter a contract directly with the company instead of another trader).

He’s also recommending his new venture to institutions, not individual investors.

Best of all, Chamath’s shares only vest afterl the public company trades 50% above the initial offering price.

Robinhood’s quest to connect the retail trade with early IPO deals will undoubtedly fuel the next SPAC craze, but we’ll likely cross that bridge much further down the road.

This is all to say that yes, today’s IPOs look wild. And no doubt, a few are bound to flop.

But the data shows we’re nowhere near the blow-off peaks of the past.

So don’t confuse froth with failure. This IPO surge is noisy and sometimes silly — but it isn’t the signal of a market top.