European IPO activity has shown signs of
recovery in the first quarter of 2012, according to a PwC UK
survey.

The firm’s latest quarterly IPO Watch Europe
survey found that in the January to March there were 58 IPOs that
raised €2.3bn ($3bn) on the European stock markets. Although this
is fewer than the same Q1 2011, which had 78 IPOs that raised €3bn,
it is considerably higher than the €900m raised in the final
quarter of 2011.

Although IPO activity is not bursting compared
to previous years, a number of issuers held towards the end of
March significantly boosted money raised in Q1 2012. This, coupled
with renewed market stability, is fuelling optimism among
investors.

The US IPO market showed significant strength
in the first quarter of 2012, resulting in the highest first
quarter volume since 2007, PwC said.