Czech coal miner New World Resources has raised £1.1bn ($2.2bn) on the London Stock Exchange in Europe's largest initial public offering of the year. Investor demand outstripped available shares by a factor of more than seven, indicating equity markets are open for business despite few listings to date this year.

Investor demand for NWR shares totalled about £9.2bn and outstripped supply by about 7.3 times, despite being priced at the top of its indicative range.