At times this autumn, it has felt like 1999 and 2000 all over again in Germany. A flurry of aggressively priced technology deals has helped support sentiment in what had become one of the most moribund initial public offering markets in Europe. Q-Cells and Ersol, both solar equipment manufacturers, and Interhyp, an internet mortgage company, all priced at the top of their ranges. All enjoyed significant price rises when their shares started trading.

Only a year ago it seemed Germany was the one market in which it was almost impossible to get an IPO off the ground. The farce last summer surrounding the listing of Postbank was a perfect sign of the times: a flotation plagued by problems including political interference and over-optimistic pricing, with investors unwilling to dip into the equity market after the horrific declines of the previous four years.