IPO market still fragile

Link: Upturn in IPOs across Europe

The five new initial public offerings bring to 12 the total number of IPOs for 2004 so far, raising in excess of £2.1bn. This compares well with last year?s total for the same period which was £1.4bn, of which £1.2bn was attributable to Yell.

Despite positive signs of an IPO recovery, KPMG maintains the market remains fragile.

Neil Austin, head of new issues at KPMG corporate finance, said: ?Although 2004 has been better than 2003 it is still a nervous market. Only quality companies are putting their heads over the parapet and even then there is often considerable debate about pricing, with issue prices very often being at a discount to valuations which were indicated initially.?

Related reading