The European initial public offering (IPO) market continued its steady recovery in the final quarter of 2003. London still dominated volumes as European exchanges witnessed a pick up in activity, according to PricewaterhouseCoopers' (PWC) latest quarterly report.

In the fourth quarter of last year, there were 67 IPOs in Europe worth a total of €2.5bn ($3.2bn). This represents a 103% increase by number compared with the previous quarter; although slightly down by value from €2.67bn.