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Date: Friday 29 Aug 2008

LONDON (ShareCast) - A report from US financial services boutique Keefe, Bruyette & Woods has revealed that global initial public offering volume slipped to its lowest in 15 years this month.

They also say this year is on course to be the worst since 2003, not long after the dot-com bubble burst and left many nervous about investing in start-up companies.

“IPO activity was solid in June and fell off a cliff in August with 23 global IPOs – the lowest since at least 1992,” said KBW analyst Lauren Smith.

The study showed that 292 global IPOs have been either pulled or postponed in 2008, with 44% of those between May and July.

“Even assuming deals do get done at a pace say similar to July, 2008 is on track to be the worst year in terms of the number of IPOs since 2003,” the report added.

The firm said a fall in investment banking activity, sluggish economic growth, high inflation and rising unemployment do not bode well for equity and credit markets.

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