Nearly $5bn (€3.9bn) worth of initial public offerings have been shelved over the past two weeks as deals continued to fall victim to the spike in volatility driven by sovereign debt fears but there are claims that the market is still open for the right deal.

About $4.8bn-worth of initial public offerings have been withdrawn globally since April 26, according to data provider Dealogic. In that period, the Vix index, a mark of volatility, has spiked and now stands at 24.9, the highest since mid-February.