A dismal performance of the initial public offerings (IPOs) of Euronext, the pan-European stock exchange, and Davide Campari-Milano, the Italian drinks manufacturer, has underlined the dire state of the European IPO market.

Shares in Euronext closed down 8.5%, while Campari's stock was 3.6% lower, suggesting that there will be no IPO resurrection before the end of the summer. Of the last 10 IPOs in Europe worth more than €100m ($85m), only one has not been scarred by investors refusing to buy new shares.