Global IPO activity cooled off this summer after a scorching second quarter but deals for the year so far are being made at a record pace.

Data from both Refinitiv and EY showed a sequential decline in activity, with Refinitiv reporting that IPOs in the third quarter raised a total of about $94.6 billion, down 26.3% from the previous quarter.

EY said the proceeds from 547 IPOs in the third quarter totaled $106.3 billion, down 4.7% sequentially. However, the quarter saw 8% more deals than the previous third-quarter record set in 2007, and 11% higher proceeds than the last record-setting third quarter in 2020.

Year-to-date, there have been a total of 1,635 IPOs raising US$330.7 billion, EY said, an 87% and 99% increase, respectively. IPOs so far this year have already surpassed 2020 by both deal numbers and proceeds.

According to Refinitiv, more than 2,000 IPOs have raised a combined $421 billion globally year-to-date, a record high.

“Global IPO markets continue to perform well in Q3 2021, already outperforming the entirety of 2020 by both deal numbers and proceeds,” Paul Go, EY Global IPO Leader, said in a news release.

EY said a key driver of activity in the third quarter was the rebound of IPO markets in Europe, Middle East, India, and Africa (EMEIA), particularly the Europe, India, and Tel Aviv exchanges. IPO candidates are racing to raise capital before central banks are expected to begin tapering their asset purchasing programs.

In the U.S., there have been 323 IPOS year-to-date, raising $117.3 billion, a 110% increase from a year ago, according to EY.

The global numbers include 486 SPAC offerings in the first nine months of the year that raised a total of $127.7 billion.

“After record levels of SPAC IPO activity in the first quarter, that market has taken a needed pause. However, we are seeing early signs of that market begin to normalize and open up for the right issuers,” said David Ludwig, global head of equity capital markets at Goldman Sachs.