Survey Finds 43 IPOs Canceled in 2008

As many as 43 companies in the Commonwealth of Independent States have canceled stock floats this year, and a short-term recovery in the IPO market is unlikely, consultancy PBN said in a survey Thursday.

Capital-raising activity in the region in the third quarter is half the level seen last year and is now at its lowest level since 2004, PBN said.

"Companies are postponing their offerings as they await more hospitable market conditions," PBN chairman and CEO Peter Necarsulmer said in a statement. "To date, we know of 43 companies that postponed or pulled their flotations this year."

PBN said a recovery was now unlikely before markets recovered liquidity and investor confidence.

"Although there are approximately 120 companies believed to be considering flotations in the next five years, this is very dependent" on the recovery of global and domestic markets, Necarsulmer added.