THE EUROPEAN market for flotations slumped further in the final three months of last year, driven by turmoil in the single currency area, new data shows.
PwC said 78 initial public offerings (IPOs) raised €866m (£715m), down 81 per cent on the third quarter and 83 per cent down year on year.
London remained at the centre of the European IPO market, however, raising €800m or 92 per cent of the value. The Polymetal listing led the way, raising £491m (€421m).
Mark Hughes, capital markets partner at PwC, said: “In 2011, the markets failed to ignite after the summer as people had hoped, due to the continuing economic uncertainty in Europe and especially in the Eurozone.”
Cash raised in Hong Kong fell by 43 per cent, despite luxury brand firms such as Prada heading listing there.
PwC believes European exchanges will recover this year but said an upturn is more likely to come in the second half.