The initial public offering market in Europe last year proved to be one of the slowest in recent memory, but Euronext and the London Stock Exchange both increased their market share of IPOs on principal exchanges in the region, according to a new survey.

The latest quarterly PricewaterhouseCoopers IPO Watch Europe report said that while the number of listings in London fell 34% to 91 last year from 2001, its total market share of IPOs on Europe's principal exchanges increased from 44% to 54%. Similarly, the number of listings on Euronext was down 38%, but its total market share went up from 17% to 19%. Germany saw its market share halve to 4% as it experienced a 76% drop in the number of new listings.