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Research shows IPO market recovered during 2004

Research out today by KPMG's Corporate Finance practice, shows the UK's main Initial Public Offering (IPO) market made a solid recovery in 2004 with 17 trading company IPOs raising total funds of over £2,606 million. This compares to 8 trading company IPOs raising £2,431 million in 2003 (£1,226m of which was raised by Yell).

In 2004 additionally, 25 investment companies joined the UK IPO main market raising £1,612 million and 7 companies joined by way of an introduction. In summary therefore, a total of 49 companies joined the UK's main market raising a combined £4,218 million. This represents a 52 percent rise in value and 88 percent increase in number on IPO activity in 2003.

The UK's Alternative Investment Market (AIM) enjoyed a record year with 226 IPOs raising a total of £2.6 billion. This is up from 66 IPOs raising £986 million in 2003 and makes 2004 the highest year by value and volume since the market's launch in 1995.

Neil Austin, Head of New Issues at KPMG Corporate Finance commented: ?It is encouraging to have seen a steady flow of new entrants throughout the year with a marked increase over 2003, although it has not been plain sailing.

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