£2.3m (E3.7m) is the grand total of capital that has been raised on European stock exchanges so far this month. There are no further deals scheduled to come to market later in May.
According to Tornado Insider, this makes May the worst month in terms of IPO activity since January 1998.
The near standstill comes despite the recent recovery in listed technology stocks and decent performance by growth companies that listed earlier in the year.
The draught comes after two months of near identical levels of flotation activity. In April, eight companies listed raising a total E484.69m, after March had seen 12 growth stocks come to market with a combined capitalisation of E442m.
Given the abrupt halt, it’s not surprising that it should have taken a maverick to buck the trend and go after a listing. Maverick Entertainment Group, which produces television programmes, raised the £2.3m as working capital. Seymour Pierce acted as broker. In secondary trading the shares held up well, trading 25 per cent above their issue price.