Bringing companies to market has lost its allure, at least temporarily. Deals are being pulled, new issues are losing value and bankers are having to price shares at the bottom end of their range.
The fall from grace of initial public offerings comes after a bumper start to the year, when companies raised fresh equity capital with relative ease as investors turned to the primary market to bulk up their equity portfolios.
Global IPO volumes were strong as companies sensed an opportunity, particularly in Europe where volumes tripled in the first half of the year compared with the same period last year, according to Dealogic. Global volumes were up by a fifth.
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