Companies are racing to list their shares in a newly buoyant European market for initial public offerings, with UK retailers Poundland and Pets at Home announcing plans this week to float. But this crop of stock-exchange debutantes isn't taking in very much money.

The public offerings that have flooded through Europe over the past year-and warmed the heart of many a London banker-have largely been a chance for company owners, including private equity firms, to cash out, data show.