The global initial public offering (IPO) market has plunged to depths not seen since 2009.
IPO volume for the first three months of this year, to 29 March, stands at $13.2bn (£9.2bn). This is down 67 per cent on the same period last year.
This year has also seen the number of deals fall 38 per cent year on year to 173. And the Dealogic figures also show IPO withdrawals have hit record levels so far in 2016.
The figures, released this morning, show that the technology sector has “led the decline”.
So far this year, technology IPO volume is $1.3bn, down 77 per cent on $5.8bn in the same period last year. This is also the lowest level on record since 2009.
So far in 2016, there have been 31 technology deals tracked by Dealogic, down 31 per cent year on year.
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The largest IPO of the year - and the only to be valued at more than $1bn - so far this year has been China Zheshang Bank’s $1.7bn.
Dealogic also revealed that, “due to market conditions”, 17 IPOs have been withdrawn after launch this year. This accounts for more than 10 per cent of the 167 deals and represents a new year-to-date record.
Earlier this week it emerged that London's IPO market dropped to £1.6bn in the first quarter of 2016 - down from £4bn in the last quarter of 2015.
The sluggishness in the market has been put down to volatility and the fast approaching referendum over Britain’s continued membership of the European Union.