Europe is getting its groove back - when it comes to initial public offerings.
The continent led global IPO volume by a wide margin in the first quarter of 2015, raising almost $20bn in the period as stock benchmarks surged. The activity stands in contrast to takeovers in Europe, which slumped by about one-fifth.
Europe's IPO fundraising - from companies including Ireland's Malin and Auto Trader Group in the UK - outpaced that in the US and Asia-Pacific combined, data compiled by Bloomberg shows. Europe was the only region where IPO volume increased from a year earlier. For the US, the first three months of the year were the slowest since 2009.
Even with Web domain-name company GoDaddy scheduled to raise more than $400m in New York on the last day of the quarter, that won't change. Europe is catching up as central bank policy, low oil prices and a lower euro stir investor optimism.
Last year, European offerings lagged the US, even excluding Alibaba Group's record $25bn IPO. The Stoxx Europe 600 has gained 15pc this year, while the Standard & Poor's 500 Index was unchanged.
"There's clearly a rotation under way out of the US and into Europe," said David Hermer, global head of equity capital markets at Credit Suisse Group. "Investors are seeming a bit more cautious on the US economy at the same time the market's trading at all-time highs, and investors are becoming more optimistic about the core of Europe."
Five companies in Europe raised more than $1bn each in IPOs this quarter. Privatisations helped drive the trend, including of Spain's airport operator Aena.