New listings down as investors keep money in bank

There were 21 initial public offerings (IPOs) made in the first half of 2008, raising $334 million, down from 33 IPOs raising $4.5 billion over the same period last year. All but five new companies listed are now trading below their issue price. Seven of the 21 new listings were renewable energy companies. PricewaterhouseCoopers says demand for IPOs will remain soft for at least another 12 months as investors choose the security of cash and fixed interest. More clean energy companies will list in the next 12 months as carbon trading is implemented in Australia.

Source: Herald Sun