The US market for initial public offerings (IPOs) was at its most active last month for seven months, although volumes in the first half are down nearly 90% on the same period last year.

There were seven IPOs in July, raising a total of $1.07bn (€951m), according to Dealogic, the investment banking research firm. This is the highest level of issuance since November 2002, when there were eight IPOs, raising $921.9m.