Epic, which specialises in buying consumer products brands that are unwanted by big firms, will raise £50 million (€76.7 million) from its listing on the London Stock Exchange's AIM market for smaller, growing companies.

The LSE said Epic will be the 56th initial public offering on AIM this year, and the largest behind insurance liability specialist PRI Group in June, which raised £125 million.

It has been a grim two years for new issues in Europe and elsewhere.

Large and small companies have abandoned or postponed plans to come to the market as depressed and volatile stock markets have made investors more selective, leaving new companies worried about the appetite for their offers.

But the LSE says it has fared well in the tough environment, attracting 75-80 per cent of Western Europe's IPOs during the year.

The LSE's main market has attracted 37 new listings, raising £4.8 billion in new capital, a quarter less than the £6 billion raised in 2001 from 61 IPOs.

Mining group Xstrata was the biggest IPO of the year, after it arrived in March with a market capitalisation of £2.2 billion.

There was a flurry of major flotations in the summer, including HMV Group, Punch Taverns, William Hill, Wood Group and Burberry, but the market fizzled out as share prices came under renewed pressure.

Epic's listing will take the amount raised by companies on AIM this year to about £455 million, down 23 per cent from £593 million in 2001, when 94 companies listed. - (Reuters)