There were no initial public offerings from dot-com companies in the US over the past year, according to research from Hoover's, the business information provider - a far cry from 2000, which saw 12, and from 22 in 1999.

Instead, the dominance of old economy firms in the US new issue market could be seen in the biggest IPOs of 2001. The $8.7bn (€9.7bn) Kraft Foods offer was the biggest IPO of the year, and the second largest US IPO ever after the flotation of AT&T Wireless Services in April 2000. Credit Suisse First Boston and Salomon Smith Barney led the flotation of the branded food and drinks company.