Global revenue from initial public offerings (IPOs) has declined by 58 per cent year on year so far in 2016.
The $1.3bn (£0.9bn) figure is down from $3bn in the same period in 2015 and the lowest it has been at this date since 2009.
The Dealogic figures showed that there was an improvement in market conditions in the second quarter of this year. But the figure, although not yet complete for the three-month period, is down significantly on the second quarter of 2015.
Revenue in the first quarter was $405m, down year on year from $1.2bn, and $850m in the second, down 60 per cent year on year.
European IPO revenue has dropped by 59 per cent on last year to $246m, its lowest year-to-date level since 2012.
In the US, revenue is down 50 per cent to $435m. But the second quarter was significantly up on the first, with $435m generated compared with $80m.
JP Morgan has commanded the biggest share of IPO revenue, $94m, ahead of Morgan Stanley’s $81m and Goldman Sachs’ $77m.