Germany’s IPO market stalls as deals are aborted

With volume in the EMEA equity capital markets up 132% this quarter compared with the first quarter of 2003, according to Dealogic, European equity capital markets appear to be in rude health. The IPO market in particular, which raised $7 billion through 39 deals, is at its strongest since the fourth quarter of 2001.

But Germany’s IPO market failed to revive this quarter, though it twice threatened to do so in March, despite the apparent strength of investor demand and the success of large new issues elsewhere such as Belgacom’s e4 billion deal on March 23, the largest IPO since Orange’s in February 2001.