The total offer value of European initial public offerings fell 98% from €4.14bn ($4.4bn) in the first three months of 2002, with just €74m raised in the first quarter of 2003, according to a new report.

The number of deals also plummeted, by 61%, to just 14 IPOs in the first quarter, according to the IPO Europe study by PricewaterhouseCoopers (PwC), the financial services firm.