The European new issue market looked to be in tatters after three companies within 48 hours were forced to price their initial public offerings outside the range used for bookbuilding.
Nordsee, the German restaurant chain, added its name on Tuesday to those of Temenos, the Swiss software provider, and Andritz, the Austrian systems manufacturer, on the list of companies that have struggled to get their IPOs away. An equity capital markets banker in London said: "Institutions have made significant losses over the last six months and are very weary."
