Flotations hit by worries over eurozone woes

The European market for initial public offerings (IPOs) was plagued by “delays and postponements” last year as the eurozone crisis deepened, according to research by PwC.

The accountancy firm’s annual IPO Watch report said 430 flotations raised €26.5 billion (£22bn), just 1 per cent more than in 2010, of which more than half was invested in firms using the London Stock Exchange.

Commodities trader Glencore accounted for €6.9bn when it stepped straight into the FTSE 100.

On the continent, privatisations of government-owned assets in Spain and Poland last summer raised more than €5bn, while the flotation of Iberian discount supermarket Dia added a further €2.4bn to the total.

PwC said the IPO market started last year brightly but worries over the eurozone, as well as uncertainties caused by the Arab uprisings, dampened sentiment.