London has had a lower share of European listings so far this year than at any year-to-date period since 2000 – a figure which will be further diluted by the upcoming float of Poste Italiane in Milan, which prices today.

Poste Italiane is expected to price its IPO on 22 October at a range of between €6.50 to €6.75, according to a person close to the deal, which would bring the value of the state-backed firm close to €9 billion and make it one of this year's largest floats in Europe.