The lack of investor confidence became a massive drag on initial public offerings last year and bankers say there is little sign the current year will see much improvement.

The value of global equity issuance dropped 31% last year to $621bn, compared with $896bn in 2010, and 293 potential listings with a combined value of $61.7bn were either withdrawn or postponed, a record high in terms of volume, according to research firm Dealogic.