Some 70 companies joined the market last year, a fall of 69 per cent from the 222 initial public offerings (IPOs) in 2007. Of these, less than two-thirds raised money as part of their IPO, according to research from Growth Company Investor, a sister title of GrowthBusiness.co.uk.

On average, AIM IPOs last year were able to raise £12.9 million each, less than half 2007’s average of £28.1 million.

Two of the new entrants, both investment companies, raised more than £100 million of new cash. Of these, one has already been wound up.

Despite the overall lack of activity, there was a distinct difference between the first and second halves of the year. In the first six months £802 million was raised in IPOs and in the second £101 million, three-quarters of which was in July.