European initial public offerings since mid-March have been pricing at the bottom of the bookbuilding range rather than above the mid-point, according to the European ECM first quarter review from SG.

According to the report, European new issues before mid-March were on average priced at 75% above the middle of pricing range. Since then, new issues have priced on average 35.5% below the mid-point of their range as stock markets have fallen.