BusinessCorporate FinanceLondon regains top spot on IPO table

London regains top spot on IPO table

Square Mile offering the best value for new listings, says PwC

PricewaterhouseCoopers’ latest IPO Watch Europe survey has seen London regain
its position as the city offering the best value among Europe’s stock exchanges
in the third quarter (July to September 2006).

The City also led the field in terms of the volume of IPOs.

Tracking Europe’s main stock exchanges, PwC’s survey revealed that London
raised €9.5bn (£6.4bn) this quarter compared with €2.9bn (£1.9bn) in the same
period last year and €3.7bn (£2.5bn) in the second quarter of 2006.

This was mainly due to the IPOs of Rosneft and Standard Life on London’s Main
Market, which together accounted for 89% of total London IPOs and 71% of total
European IPOs by offering value.

Rosneft, the Russian oil and gas conglomerate, is also the largest IPO this
year.

AIM, the stock exchange for small caps, continued to be the most active
European market with 51 IPOs raising €744m (£502m).

Tom Troubridge, head of the London Capital Markets Group, at PwC said: ‘IPO
volume across Europe in this traditionally quiet quarter was similar to the
third quarter in 2005.’

He added that offering value was boosted by the floats of Rosneft and
Standard Life.

Looking forward to market prospects, Troubridge added: ‘The fourth quarter
has started well with Aer Lingus and Experian making their London debuts.’

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