Bankers today dented optimism that initial public offerings were getting back on track, warning that one bad deal could seriously affect the flotations pipeline for the rest of the year as all eyes fell on two flotations that set price ranges today after a turbulent first nine months.

Online betting exchange company Betfair today set a price range for its flotation on the London Stock Exchange, setting a price range of £11 to £14 a share, valuing its equity at up to £1.5bn. Morgan Stanley and Goldman Sachs are joint bookrunners on the sale. Barclays Capital and Numis Securities are co-lead managers.