The initial public offering market is going through one of its toughest periods on record. In the first half of the year, around three-quarters of European IPOs valued above $200m traded below their listing price or failed to make it to the market. Financial News carried out a survey of investors, bookrunners and independent advisers to seek their views on the current market and the mechanism of the flotation process. Here we publish their views – and our manifesto for change.