Half a Dozen IPOs Led by Robinhood Launch in Summer Boom

(Bloomberg) -- Ahead of the usual summer doldrums in August, more technology companies are rushing out their initial public offerings while the market is still hot.

Robinhood Markets Inc., the retail trading platform that made headlines this year, filed on Monday with the U.S. Securities and Exchange Commission to start the roadshow of its $2.2 billion IPO, the fifth biggest listing this year, according to data compiled by Bloomberg.

At least six companies set terms on Monday to kick off their roadshows in the U.S. seeking to raise as much as $4.7 billion combined. On top of that, hot dog restaurant chain Portillo's Inc. and fashion startup Rent the Runway Inc. announced that they have confidentially filed paperwork to go public.

These offerings will add to the already record-breaking U.S. IPO market, which raised $216 billion through Monday, data compiled by Bloomberg showed.

PowerSchool Holdings Inc., the education software maker backed by Vista Equity Partners, seeks to raise $790 million in a listing while language learning app Duolingo Inc. and its existing shareholders plans to raise as much as $485 million in its IPO, the companies announced.

The frenzy doesn't stop at technology. Dole Plc, the fruit producer, is also listing in the U.S. in a $541 million deal. Its listings in Dublin and London will be discontinued once the U.S. deal is completed.

Companies are getting their listings in while the market is still hot. All major U.S. indexes fell over 1% on Monday as the delta variant casts a shadow on the economic recovery. Dow Jones fell 2% while the S&P 500 is down 1.45%.

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