The IPO market remained hot in 3Q21, with 102 companies going public -- the second-highest quarterly total in the past six years. IPO activity increased 19% year-over-year in 3Q21, though activity was down 20% quarter-to-quarter. Some 101 operating companies raised funds through IPOs in 3Q21, compared with 86 in 3Q20 and 125 last quarter. Including SPACs, approximately 195 entities raised funds. Secondary offerings declined 21% year-over-year. This was a difficult comparison against 3Q20, when many listed companies tapped the public markets to strengthen their balance sheets during the earlier stages of the pandemic. Investor demand was strong for IPOs, and investors were often rewarded: the average non-SPAC IPO opened 26% above its offering price in 3Q21. Unicorns found conditions favorable, and many firms left the ranks of private ownership to move to the public markets, while demand for SPACs cooled. The IPO pipeline is in line with recent quarters, with abou