In London, total proceeds are down 60%, and the number of IPOs down 35%.
"Notwithstanding this, PwC believes that the IPO market remains open, with liquidity available for the right companies and at the right price," the consultancy company said.
Mark Hughes, capital markets leader at PwC, said: "As we move into 2017 investors will be looking at elections in France, Germany and the Netherlands, which have the potential to unsettle the IPO markets across Europe. Despite the uncertainty that this brings, the European IPO pipeline looks healthy, as investors seek out investment opportunities with compelling and well-supported equity stories. The pipeline of cross-border IPO activity is also beginning to build, with a number of international companies looking at listing in London."
Lucy Tarleton, PwC's capital markets director said: "In continental Europe, Q4 was dominated by the mega IPO of Innogy, the renewable energy spin off of RWE, which in raising €4.5bn is set to be Europe’s largest of the year. Nasdaq Nordic is set to finish the year as Europe’s most active exchange both in terms of value and volume."
Nasdaq Nordic had three of the top 10 IPOs of the year, and raised €7.7bn from 69 IPOs, PwC said. It was followed by London with 60 IPOs raising €6.4bn, and Deutsche Börse which raised €5bn from 11 IPOs, including the Innology IPO, giving it the highest average IPO proceeds of €855 million.