The number of initial public offerings in Europe will this month exceed those of all 2003 as at least four companies float at an expected total value of €5bn ($6.1bn).

This year has seen 89 European flotations, one fewer than in 2003, and funds raised are almost double the total for last year. European IPOs had raised €10.6bn by the end of last week, compared with €5.7bn in 2003, according to Dealogic, the investment banking research firm.