The Market Formerly Known As Bear

16 October 2003 By Chris Hughes

It is nearing the end of the year and 2003 looks like being a bull year for equities. Fund managers have no excuse for underperforming. So the few IPOs ready to launch in the fourthquarter are being treated as manna from heaven.

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Shares in Wolfson Microelectronics, the semiconductor business, rose 29% upon their debut on the London Stock Exchange. The offering was priced at the top end of the range set last month, valuing Wolfson at £214m.

IP2IPO, a Londonlisted company aiming to commercialise academic research, closed up 20% on its first day of trading on 15 October, valuing the company at £130m.

Aggregate IPO transactions in Europe total $5.3bn in the year to date, against $10bn in the same period last year and $24bn in the same period in 2001, according to Dealogic.

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