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LSE beats record for IPO fund raising
POSTED: 11:56 a.m. EDT, December 31,2006

The London Stock Exchange (LSE.L: Quote, Profile , Research), currently being stalked by U.S. rival Nasdaq Stock Markets (NDAQ.O: Quote, Profile , Research), said on Sunday companies listing on its markets raised a record 27.9 billion pounds ($54.83 billion) in 2006.

The exchange has staked its defense against Nasdaq's hostile bid partly on its ability to attract companies to list on its markets.

Many of these initial public offerings (IPOs) were from international companies, Europe's largest exchange said in a statement, including the exchange's largest, by Russian oil company Rosneft (ROSN.MM: Quote, Profile , Research) in July.

Rosneft raised 3.58 billion pounds in its IPO.

During 2006, the LSE attracted 99 international IPOs from companies incorporated in 25 countries.

Between them, these international companies raised 13.0 billion pounds on LSE's markets, of which 2.7 billion pounds was raised on its Alternative Investment Market (AIM) -- its market for growing and smaller companies.

The strength in the IPO market came despite a lull in the summer when several high profile IPOs were postponed after markets slid on interest rate worries.

Earlier this month Nasdaq (NDAQ.O: Quote, Profile , Research) launched a 2.7-billion-pound ($5.3-billion) hostile bid for the LSE, needing just over a fifth of LSE shareholders to accept for it to take control.

The LSE said on December 19 its strong performance justified its rejection of the 1,243 pence-a-share offer from Nasdaq.

© Reuters 2006. All Rights Reserved.

From:Reuters
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