To employ what has always been the imagery of choice when it comes to visualising the receptivity of the new issues market: the window is open. Last year, Europe's stock exchanges were host to some 44 private equitybacked IPOs collectively worth more than $13 billion (€10.4 billion), compared with four deals worth just over $2 billion two years previously (see table below).
Over-competitive IPOs
Despite being targeted at stock markets with apparently voracious investor appetite, some recent European private equity-backed new issues have been forced into sharply lowering their price expectations. Andy Thomson looks at what's sparking investor resistance.
