London IPO market is hit by Greek default worries

FEARS over a Greek debt default and the financial stability of the Eurozone have hit investor appetite for new company share offers in London, a new report out today from PricewaterhouseCoopers (PwC) finds.

IPO delays and withdrawals have plagued the market, with the super-floats of Glencore and Vallares helping to materially boost the performance of European new company offers.

The two floats raised more than €8bn (£7.1bn) of the €13.4bn raised in Europe during the second during of this year, according to PwC.

Of the 134 IPOs in the quarter, the five largest deals generated more than €9bn of the total.

PwC head of capital markets Richard Weaver said: “Turbulent market conditions have badly affected the IPO market across Europe.”