Tech IPOs return to London after year of silence

In a further filip for those looking for signs of recovery the first quarter IPO numbers will have made encouraging reading. The latest survey of the market from PricewaterhouseCoopers, indicates that after a lean 2009 where no deals were done with companies basedonLondon exchanges, the capitalhas s

In a further filip for those looking for signs of recovery the first quarter IPO numbers will have made encouraging reading.

The latest survey of the market from PricewaterhouseCoopers, indicates that after a lean 2009 where no deals were done with companies based on London exchanges, the capitalhas stepped up its floatation activity with a few sizeable deals.

Already in Q1 there have been three listings on AiM and one on the main London Stock Exchange and overall there were seven listings on European exchanges in the last quarter with an offering value of 667m Euros.

Andy Morgan, partner at PricewaterhouseCoopers, said that the interest in tech listings was returning and highlighted some recent deals that have sent ripples across the channel.

"There are some encouraging signs in the UK that the IPO appetite for quality tech companies is returning. But despite the encouraging debuts of Promethean and EMIS market conditions remain fragile," he said.

"We expect the noise around tech listings to crescendo but the equity story, pricing and structure need to be right for these deals to come to fruition," he added

There are believed to have been several IPOs that were delayed because of the recession and the expectation is that although early days the activity in Q1 is an indication that the market has turned a corner and more listings should follow.

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