The market for initial public offerings of private equity-backed businesses has roared back into life in Europe. From a trickle of listings in March to a swathe of flotations in the past two months, institutional investor demand for equities and a weak mergers and acquisitions market has led many private equity firms to turn to the public markets for exits.

There have been 22 financial sponsor-related IPO deals so far this year, according to data provider Dealogic. This is equivalent to 48% of all European IPO volume recorded year to date - the highest share on record.