It is not often that Hypovereinsbank and BNP Paribas top the league tables in European equity capital markets. But in the wake of the recent turmoil in global technology stocks, they are the only firms, along with Dresdner Kleinwort Benson, which have a completely clean bill of health in the IPO market this year.

All the IPOs they have managed this year are still trading above their issue price and have outperformed their local market, according to analysis by Financial News of the post-issue performance of over 100 European IPOs this year.