Three-quarters of institutional investors are not expecting a rebound in initial public offerings in Europe, despite a revival in deals in the US and Asia, where China State Construction Engineering listed today in the world's largest flotation in over a year.

The survey, carried out by UK-based investment bank Jefferies International, revealed that under a quarter (23%) on the buyside expect initial public offerings to rebound this year, while 60% think the market will be back to normal in the first half of next year and 17% say a recovery is still more than 11 months off.