Value of IPOs down

IPOs by venture-backed European companies in the first quarter of 2005 raised only E254m, according to the European Liquidity Report from VentureOne, a unit of Dow Jones Newswires. The figure represents a 7% decrease from the first quarter of 2004, although the seven IPOs this represents means the volume of IPOs remains constant. The report goes on to show that the median pre-money valuation of the seven European IPO companies was E67.9m, down from Q1 2004's E98.9m. Four of these IPOs were in the UK. Examining other exits, the report shows European venture-backed companies saw 34 M&A deals in the first quarter of 2004, the fewest number in a single quarter since Q1 2003.

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