AT 246 DEALS expected to raise $53.4 billion, the ECM backlog of registered deals is at its highest level on record, according to Dealogic, with IPOs constituting the majority of volume. But while global IPO volume in the first half of the year has soared 372% over that for the same period in 2003, it has been anything but plain sailing. In Europe, especially, investors, vendors, and bookrunners have struggled to agree on valuations and few new issues have performed impressively in the aftermarket.
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