Pastry and gristle festooned the Australian Securities Exchange in 2007 as stockbrokers and shareholders gorged in a feeding frenzy on the family-sized IPO pie. In 2008, however, things became a bit more refined and downbeat as the amount of initial public offerings dropped dramatically leaving them all to nibble at the crust of a communal party pie. The IPO gravy train came to an abrupt halt last year as fledgling companies found it increasingly difficult to raise the necessary funds to attain an ASX listing.
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