The number of initial public offerings has continued to fall in 2012, with the first quarter the lowest in terms of capital raised since the second quarter of 2009, despite the keenness among investors to herald the end of the eurozone crisis.

According to Ernst & Young's Global IPO update, published today, 157 IPOs have raised $14.3bn over the first quarter, down 51% from $29.1bn via 255 deals in the fourth quarter 2011, and down 69% from $46.6bn via 296 deals over the first quarter of last year.