The first six months of 2015 have struggled to match 2014 levels of IPO activity with IPOs down 46 per cent on AIM and 21 per cent on the Main Market. Funds raised on IPO fared worse being down 66 per cent, in total, across both markets, compared to the same period last year.
Secondary issues, however, were considerably up on last year on both markets with total funds raised nearing £13bn compared to £8.4bn last year. This trend was particularly evident on the Main Market which saw growth in further funds of 62 per cent with several significant individual fundraisings including over £2bn by Telefonica.
The UK general election and the continued upheaval in Europe including the possibility of a 'Grexit' and the uncertainty over whether a Greek bailout agreement would have been reached affected IPO confidence on both markets in the first half of this year.
Interestingly, once the UK election was over, AIM experienced the highest number of monthly admissions so far this year which provides a degree of optimism for the rest of the year although the continued fragility of the Greek bailout may continue to have an impact on market performance.