Euronext reports 7 IPOs in May as market conditions improve

A stock market operator Euronext's universal analyst works in the market services surveillance room …

(Reuters) - Pan-European exchange Euronext said on Friday that seven new companies had joined its markets in May, adding that it had seen improved market conditions for listings.

Euronext, which operates bourses in Paris, Amsterdam, Brussels, London and Lisbon, said initial public offerings in May included Philips Lighting BV in Amsterdam, the largest IPO in Europe year-to-date, raising capital worth 750 million euros.

Euronext said in April that market conditions significantly slowed worldwide IPO activity during the first quarter of the year, which was the weakest first quarter since 2009.

Global markets have been erratic recently amid worries about China's economy and falling oil and commodity prices.

The bourse operator's listing revenue fell 7.2 percent to 14.2 million euros in the quarter ended March 31.

Euronext earlier reported no new listings in February due to highly volatile market conditions, compared with nine new listings in the period last year, that raised more than 2 billion euros.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)

Reuters