Australia's IPO market dries up in first quarter

"Australian IPOs have virtually dried up after a record year, taking their cue from a subdued stock market as investors fret about the country's commodities bust and China's weakening economy. After an unprecedented $15 billion of initial public offerings last year, companies raised $327 million in January-to-March, Thomson Reuters data shows. That's down 96% from a year earlier and a fraction of the $7.5 billion in the previous quarter. The drop-off reflects the skittish mood in Australian equities." (Source: DNA, Thomson Reuters)