Scrapped share offers this year have hit $25bn

THE TOTAL value of pulled equity market deals worldwide has reached $24.5bn (£14.9bn) so far this year, as firms struggle to raise capital amid volatile market conditions.

Almost 100 initial public offerings (IPOs) and share placements have been withdrawn or postponed so far this year, according to data provider Dealogic.

European listings have particularly struggled, with $8.2bn worth of failed deals so far this year.

At this point last year, $6.6bn worth of deals had been postponed or withdrawn from European markets.

Volatile market conditions driven by the Japanese earthquake and tsunami, as well as political unrest in the Middle East, has made investors particularly cautious.

Bankers close to deals say volatility has left companies wishing to raise capital at the mercy of investors.

Buyers are in a position to demand lower prices from stock market offerings, with firms often reluctant to accept valuations.

In recent weeks several high-profile London listings have ended in tatters, including those of British vacuum technology firm Edwards and Dubai-based oil services group Topaz.