As global stock markets rise and company valuations rocket, there has been no shortage of pundits keen to call the top of the market or the beginnings of the next crash. The impending unwinding of quantitative easing programmes around the world has only added to a sense that a big shift is on the way.

But any fears over the economic outlook appear not to have deterred companies from joining the public markets. And there is little in the way of nervousness from the investment bankers who are busier helping clients with stock market listings than they have been for many years.