The UK initial public offering market reached its lowest point for more than a decade, according to research by KPMG Corporate Finance, but there are signs of improvement for early next year.

In the final quarter of 2001, only one trading company joined the market - Vanco, the global network solution provider which raised £13.9m (€22.7m) - representing a drop in value of 93% compared with the £2.6bn that was raised by 35 companies for the same period in 2000.