NEW issues continued to come fast and furious in the first half of the
year, despite the falling stock market, though the pace has slackened in
recent weeks.
The Stock Exchange reported that a record #7000m was raised by 141 new
UK and Irish stock market entrants in the six months to June. This
easily exceeds the #5900m raised in the whole of 1993, when 180
companies came to the market.
Smaller companies dominated the flotations, with three-quarters of the
cash raising issues made by companies capitalised at under #50m. Even
last month, when markets were particularly weak, 25 new companies joined
the official list. However, the bonanza is now set to slacken.
Nigel Atkinson, head of listing at the Exchange, commented: ''Although
the flow of new issues in the pipeline has slowed noticeably recently,
companies of all sizes are continuing to use the Exchange's markets as
an efficient way of raising capital.
''With new issuers becoming more cautious in the light of current
market uncertainties, we may have to wait until conditions have
settled.''
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