Managers want decent returns but risk appetite remains low. Hotel Chocolat gave investors an impressive bounce, up a heady 40 percent since its IPO in early May. Transaction details though reveal some initial buyers may have taken the quick sugar hit and sold out, with a hefty churn on debut.
Other listings in late May, French furniture group Maisons du Monde and Philips Lighting have produced smaller returns of less than 10-percent. The gong will ring for Dong Energy this week in Copenhagen as the Danish government-controlled utility also turns to stock investors. Timing has been a challenge for Dong Energy, scrapping three other attempts to have its name up in lights in 2006 to 2008 due to market turmoil and other problems.
Nasdaq sees some key trends in sector IPO's.
"Our Nordic and U.S. listings pipeline will be driven by healthcare and technology companies. We have seen several biotechnology and enterprise storage or software companies file applications, for example. Financials and consumer brands will be strong as well," said Kostyál.
Few would say this is a dream market to list in but maybe it is as good as it gets in an environment dogged by malaise. Gareth McCartney said companies should not delay listings.
"The pipeline is active and the market is open," he said.
But what exactly are investors seeking when it comes to IPOs?
"Two factors resonate strongly in the current environment - demonstrable structural growth and dividend yield. In addition there is demand for stocks which give investors equity stories either not available in the secondary market," said McCartney.
Perhaps treasure hunt tactics are worthy of adoption, run quickly and search in unusual places for a decent prize.