London was Europe's most active exchange for initial public offerings in the first quarter — accounting for almost half the total raised in the region — despite the uncertainty caused by the UK formally starting the Brexit process.

Twenty IPOs on the London Stock Exchange raised a total of €2.1 billion during the first three months of the year, according to PwC's latest IPO Watch — the same amount raised in the first quarter of 2016. That compared with a Europe-wide total of 53 floats that raised €4.5 billion - 28% higher than the total a year ago.