A logjam of US initial public offerings has stretched to its longest in four years while the number of companies withdrawing deals has increased.
Anxiety over the eurozone debt crisis and the economic slowdown has hit equity fundraising, dashing hopes of a revival that followed strong debuts for internet companies such as LinkedIn and Pandora.
“The analogy I would use is planes are circling the airport, but it’s not clear how many are going to be able to land,” said Dan Cummings, global head of equity capital markets at Bank of America Merrill Lynch.
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